Original Article by Builder Magazine
Continued new-home demand, particularly in infill and infill-adjacent locations, helped Green Brick Partners
deliver home closings revenue of $454 million in the second quarter, the second-highest quarterly figure in company history.
“We believe our exceptional results were the result of our infill and infill-adjacent locations, self-development strategy, and focus on operational efficiency,” Green Brick Partners co-founder and CEO Jim Brickman said during the home builder’s quarterly earnings call. “Strong sales momentum carried into the second quarter as all of our brands experienced demand that was above normal seasonality.”
During the second quarter, Green Brick delivered 783 homes and reported a home building gross margin of 31.3%. The higher margins drove second quarter profits to $1.63 per share, a 19% increase on a year-over-year basis and the second-best quarterly result in company history, according to Brickman. The average home price of homes delivered decreased 11.3% year over year to $454,455, and Brickman said the company has continued the sequential decrease in incentives offerings that began in January.