The New Home Company Provides Business Update Ahead of Investor Meetings

The New Home Company Inc. (NYSE: NWHM) today announced a business update ahead of investor meetings.

The New Home Company (NYSE: NWHM) announced today that net new home orders totaled 152 for the first two months of the 2020 third quarter, representing an increase of 100% compared to prior year period. The company generated 73 net new orders in July on a monthly absorption pace of 3.2 per community and 79 net new orders in August on a monthly absorption pace of 3.4 per community.

“We are very pleased with the order momentum we experienced in the first two months of the third quarter,” said New Home Company CEO Leonard Miller. “Buyers continue to be motivated by low interest rates and the desire for single-family home ownership, a sentiment that has only grown stronger as a result of the pandemic. All of our markets experienced a significant year-over-year improvement in absorption pace, and we have taken advantage of the increased demand with targeted price increases. While we anticipate our absorption pace will moderate as we head into the end of the year due to normal seasonality, we believe the positive fundamental drivers for our industry and our strategic product repositioning have us well positioned for long-term success.”

“Our order results for the first two months of the third quarter underscore the strength of the housing market and the appeal of our new home offerings, which are increasingly targeted at the more affordable segments of the market,” said New Home Company Executive Chairman Larry Webb. “Our main strategic focus for some time now has been to offer the same high quality New Home experience at a lower price point, and we are really starting to see the benefits of this shift. As a result, I believe The New Home Company has a great opportunity to benefit from the wave of new home buyers we are currently seeing in the market.”

About The New Home Company

NWHM is a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California and Arizona, including Southern California, the San Francisco Bay area, metro Sacramento and the greater Phoenix area. The Company is headquartered in Aliso Viejo, California. For more information about the Company and its new home developments, please visit the Company's website at www.NWHM.com.