NVR, Inc. reported net income of $457.4 million, or $139.93 per diluted share, for the fourth quarter ended December 31, 2024. This represents a 12% increase in net income and a 15% increase in diluted earnings per share compared to the fourth quarter of 2023. Consolidated revenues for the quarter increased by 17% to $2.85 billion.
For the full year ended December 31, 2024, consolidated revenues were $10.52 billion, an 11% increase from 2023. Net income for the year reached $1.68 billion, up 6%, with diluted earnings per share at $506.69, an increase of 9% from the prior year. Homebuilding revenues for the full year totaled $10.29 billion, an 11% increase.
Fourth-quarter new orders decreased by 8% to 4,794 units, although the average sales price of new orders increased by 4% to $469,000. The cancellation rate for new orders rose to 17% from 13% in the fourth quarter of 2023. Settlements increased by 16% to 6,180 units, while the homebuilding gross profit margin decreased to 23.6% from 24.1%.
Mortgage closed loan production in the fourth quarter increased by 13% to $1.70 billion, contributing to a 55% increase in mortgage banking income before tax, which reached $45.9 million. The effective tax rate for the quarter was 20.1%, compared to 15.3% in the fourth quarter of 2023. Backlog units decreased by 3% to 9,953 units, and dollar value backlog increased by 1% to $4.79 billion.
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