Homebuilder NVR's profit misses on muted demand for new homes
July 23 (Reuters) -NVR NVR.N missed Wall Street estimates for second-quarter profit on Tuesday as high mortgage rates have kept demand for new homes subdued, sending the homebuilder's shares down 2.2%.
With the popular 30-year fixed mortgage rate at around 7%, many prospective homebuyers have been pushed to the sidelines of the U.S. housing market, especially as base home prices also remain elevated due to a supply shortage.
Virginia-based NVR reported revenue of $2.61 billion for the quarter, beating analysts' estimates of $2.51 billion, according to LSEG data.
Persistent affordability issues have prompted homebuilders to offer incentives on home sales to whip up demand, even at the expense of profit margins.
One of the popular incentives offered by homebuilders is a mortgage rate buydown, which functions as a temporary or permanent reduction on a home loan.
NVR said its second-quarter gross profit margin fell to 23.6% from 24.3%.
The company reported new orders of 6,067 homes in the quarter, up 3%, with the average selling price per home up 3% at $458,800.
Net income attributable to NVR was $120.69 per share. Analysts had expected $121.21 per share.
Reporting by Ananta Agarwal and Anandita Mehrotra in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta
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