NVR, Inc. (NYSE: NVR) watched its shares backed off Tuesday. The Reston, Virginia-based company, one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September 30, 2023 of $433.2 million, or $125.26 per diluted share. Net income and diluted earnings per share for the third quarter ended September 30, 2023 increased 5% and 6%, respectively, when compared to 2022 third quarter net income of $411.4 million, or $118.51 per diluted share. Consolidated revenues for the third quarter of 2023 totaled $2.57 billion, which decreased 7% from $2.78 billion in the third quarter of 2022.
For the nine months ended September 30, , consolidated revenues were $7.09 billion, a 9% decrease from $7.81 billion reported in 2022. Net income for the period was $1.18 billion, a decrease of 7% when compared to net income for the nine months ended September 30, 2022 of $1.27 billion. Diluted earnings per share for the nine months were $341.97, a decrease of 5% from $358.61 per diluted share for 2022.
New orders in the third quarter of 2023 increased by 7% to 4,746 units, when compared to 4,421 units in the third quarter of 2022. The average sales price of new orders in the third quarter of 2023 was $456,100, an increase of 1% when compared with the third quarter of 2022. The cancellation rate in the third quarter of 2023 was 14% compared to 15% in the third quarter of 2022.
NVR shares lost $105.69, or 1.9%, to $5,400.00.