United Homes Group, Inc. Reports Preliminary 2024 Fourth Quarter Unit Statistics
United Homes Group (NASDAQ: UHG) has released preliminary operational statistics for Q4 and full-year 2024. The company reported a 19.4% increase in Q4 net new orders (351 vs 294) and a 7.0% rise in closings (414 vs 387) compared to Q4 2023. However, starts decreased by 26.5% (222 vs 302) due to a major house plan redesign initiative.
For the full year 2024, net new orders increased by 7.9% (1,399 vs 1,296), while closings grew by 3.5% (1,431 vs 1,383). Starts declined by 7.5% (1,154 vs 1,248). Total inventory decreased by 26.3% year-over-year, with spec inventory down 30.0% and backlog inventory down 16.9%.
The company is focusing on selling homes before completion to reduce holding costs and improve inventory turns. Over 20 redesigned home plans entered permitting in November 2024, with construction beginning in December.
United Homes Group (NASDAQ: UHG) ha pubblicato statistiche operative preliminari per il Q4 e l'intero anno 2024. L'azienda ha riportato un aumento del 19,4% nei nuovi ordini netti del Q4 (351 contro 294) e un incremento del 7,0% nelle chiusure (414 contro 387) rispetto al Q4 2023. Tuttavia, gli avvii sono diminuiti del 26,5% (222 contro 302) a causa di un'importante iniziativa di redesign dei piani abitativi.
Per l'intero anno 2024, i nuovi ordini netti sono aumentati del 7,9% (1.399 contro 1.296), mentre le chiusure sono cresciute del 3,5% (1.431 contro 1.383). Gli avvii sono calati del 7,5% (1.154 contro 1.248). L'inventario totale è diminuito del 26,3% rispetto all'anno precedente, con un calo dell'inventario speculativo del 30,0% e dell'inventario in sospeso del 16,9%.
L'azienda si sta concentrando sulla vendita di case prima del completamento per ridurre i costi di mantenimento e migliorare il ricambio dell'inventario. Oltre 20 piani abitativi ridisegnati hanno ottenuto i permessi a novembre 2024, con l'inizio della costruzione a dicembre.
United Homes Group (NASDAQ: UHG) ha publicado estadísticas operativas preliminares para el Q4 y el año completo 2024. La compañía reportó un aumento del 19,4% en nuevos pedidos netos del Q4 (351 frente a 294) y un incremento del 7,0% en cierres (414 frente a 387) en comparación con el Q4 de 2023. Sin embargo, los inicios disminuyeron un 26,5% (222 frente a 302) debido a una importante iniciativa de rediseño de planos de vivienda.
Para el año completo 2024, los nuevos pedidos netos aumentaron un 7,9% (1.399 frente a 1.296), mientras que los cierres crecieron un 3,5% (1.431 frente a 1.383). Los inicios cayeron un 7,5% (1.154 frente a 1.248). El inventario total disminuyó un 26,3% en comparación con el año anterior, con un inventario especulativo reducido en un 30,0% y un inventario en backlog disminuido en un 16,9%.
La empresa se está enfocando en vender casas antes de su finalización para reducir costos de mantenimiento y mejorar la rotación del inventario. Más de 20 planos de casas rediseñados obtuvieron permisos en noviembre de 2024, comenzando la construcción en diciembre.
United Homes Group (NASDAQ: UHG)는 2024년 4분기 및 연간 예비 운영 통계를 발표했습니다. 회사는 4분기 순 신규 주문이 19.4% 증가했음을 보고했습니다 (351 대 294) 및 종료 수가 7.0% 증가했습니다 (414 대 387), 2023년 4분기와 비교하여. 그러나 착공 수는 26.5% 감소했습니다 (222 대 302), 이는 주요 주택 계획 재설계 이니셔티브 때문입니다.
2024년 전체 연도에 대해 순 신규 주문은 7.9% 증가했습니다 (1,399 대 1,296), 종료 수는 3.5% 증가했습니다 (1,431 대 1,383). 착공은 7.5% 감소했습니다 (1,154 대 1,248). 전체 재고는 전년 대비 26.3% 감소했으며, 사양 재고는 30.0% 감소하고, 미결재고는 16.9% 감소했습니다.
회사는 보유 비용을 줄이고 재고 회전율을 개선하기 위해 완료 전 주택 판매에 집중하고 있습니다. 2024년 11월에 20개 이상의 재설계된 주택 계획이 허가를 받았으며, 12월에 건설이 시작될 예정입니다.
United Homes Group (NASDAQ: UHG) a publié des statistiques opérationnelles préliminaires pour le T4 et l'année entière 2024. L'entreprise a annoncé une augmentation de 19,4% des nouvelles commandes nettes au T4 (351 contre 294) et une hausse de 7,0% des clôtures (414 contre 387) par rapport au T4 2023. Cependant, les mises en chantier ont diminué de 26,5% (222 contre 302) en raison d'une initiative majeure de redesign des plans de maison.
Pour l'année entière 2024, les nouvelles commandes nettes ont augmenté de 7,9% (1.399 contre 1.296), tandis que les clôtures ont progressé de 3,5% (1.431 contre 1.383). Les mises en chantier ont chuté de 7,5% (1.154 contre 1.248). L'inventaire total a diminué de 26,3% d'une année sur l'autre, avec un inventaire spéculatif en baisse de 30,0% et un inventaire en retard en baisse de 16,9%.
L'entreprise se concentre sur la vente de maisons avant l'achèvement pour réduire les coûts de détention et améliorer le taux de rotation de l'inventaire. Plus de 20 plans de maisons redessinés ont obtenu un permis en novembre 2024, la construction devant commencer en décembre.
United Homes Group (NASDAQ: UHG) hat vorläufige Betriebsergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Das Unternehmen meldete einen Anstieg der Nettoneuaufträge im Q4 um 19,4% (351 gegenüber 294) und einen Anstieg der Abschlüsse um 7,0% (414 gegenüber 387) im Vergleich zum Q4 2023. Die Neubauten gingen jedoch um 26,5% zurück (222 gegenüber 302) aufgrund einer umfassenden Neugestaltung von Hausplänen.
Für das gesamte Jahr 2024 stiegen die Nettoneuaufträge um 7,9% (1.399 gegenüber 1.296), während die Abschlüsse um 3,5% wuchsen (1.431 gegenüber 1.383). Die Neubauten gingen um 7,5% zurück (1.154 gegenüber 1.248). Der Gesamtlagerbestand sank im Jahresvergleich um 26,3%, während der Spekulationsbestand um 30,0% zurückging und der Rückstand um 16,9% fiel.
Das Unternehmen konzentriert sich darauf, Häuser vor Fertigstellung zu verkaufen, um die Lagerhaltungskosten zu senken und die Lagerumschlagshäufigkeit zu verbessern. Über 20 überarbeitete Hauspläne haben im November 2024 die Genehmigung erhalten, die Bauarbeiten beginnen im Dezember.
- Q4 net new orders increased 19.4% year-over-year
- Q4 closings grew 7.0% compared to prior year
- Full-year 2024 net new orders up 7.9%
- Full-year closings increased 3.5%
- Q4 starts decreased 26.5% year-over-year
- Full-year starts declined 7.5%
- Total inventory decreased 26.3% year-over-year
- Expensive incentives and mortgage buydowns required to drive sales
Insights
The Q4 2024 operational metrics reveal a mixed but strategically transitioning picture for UHG. The 19.4% increase in net new orders and 7.0% growth in closings demonstrate healthy demand, but the 26.5% decrease in starts signals a deliberate pause for product repositioning. The total inventory reduction of 26.3% year-over-year indicates improved inventory management, though it's partially driven by the temporary slowdown in starts.
The shift toward pre-selling homes rather than building specs is a prudent financial move, potentially improving cash flow and reducing carrying costs. The 130.8% increase in finished backlog inventory, coupled with a 22.1% reduction in spec finished homes, suggests successful execution of this strategy. However, the heavy use of incentives and mortgage buydowns may pressure margins, despite driving volume.
For retail investors, the key takeaway is that UHG is undertaking a calculated reset of its product offering while maintaining sales momentum. The focus on high-growth markets in the Carolinas and Georgia, combined with the first major redesign initiative in years, positions the company for potentially stronger performance in 2025, though near-term margins warrant monitoring.
The operational data reflects broader housing market dynamics and UHG's strategic adaptation. The company's focus on the Southeast markets is particularly noteworthy, as these regions continue to benefit from favorable demographic trends. The emphasis on redesigned home plans indicates UHG's responsiveness to evolving consumer preferences in an affordability-challenged market.
The 7.9% annual increase in net new orders, despite higher mortgage rates, suggests strong underlying demand in UHG's markets. The reduction in spec inventory by 30.0% aligns with industry-wide trends of more disciplined inventory management. The shift to pre-sold homes reduces risk exposure while potentially sacrificing some margin opportunity in a rising price environment.
Market dynamics in South Carolina, North Carolina and Georgia remain favorable with continued employment growth and migration patterns supporting housing demand. UHG's strategic pivot with redesigned products positions them to capitalize on these trends while addressing affordability concerns through product innovation rather than solely relying on price adjustments.
|
Three Months Ended December 31, |
|
Fiscal Year Ended December 31, |
|||||||||||
|
2024 |
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||
Net new orders |
351 |
294 |
|
19.4 |
% |
|
1,399 |
|
1,296 |
|
7.9 |
% |
||
Starts |
222 |
302 |
|
(26.5 |
)% |
|
1,154 |
|
1,248 |
|
(7.5 |
)% |
||
Closings |
414 |
387 |
|
7.0 |
% |
|
1,431 |
|
1,383 |
|
3.5 |
% |
||
|
As of December 31, 2024 |
|
As of December 31, 2023 |
|||||||||
|
Backlog
|
|
Spec
|
|
Total |
|
Backlog
|
|
Spec
|
|
Total |
|
Not yet started |
20 |
|
— |
|
20 |
|
7 |
|
— |
|
7 |
|
Homes under construction |
47 |
|
151 |
|
198 |
|
143 |
|
243 |
|
386 |
|
Finished homes |
90 |
|
187 |
|
277 |
|
39 |
|
240 |
|
279 |
|
Total |
157 |
|
338 |
|
495 |
|
189 |
|
483 |
|
672 |
|
|
% Change Period-over-Period3 |
||||||||
|
Backlog
|
|
Spec
|
|
Total |
||||
Not yet started |
NM |
|
NM |
|
NM |
||||
Homes under construction |
(67.1 |
)% |
|
(37.9 |
)% |
|
(48.7 |
)% |
|
Finished homes |
130.8 |
% |
|
(22.1 |
)% |
|
(0.7 |
)% |
|
Total |
(16.9 |
)% |
|
(30.0 |
)% |
|
(26.3 |
)% |
|
1 Backlog inventory consists of homes that are under a sales contract but have not closed. Backlog may be impacted by customer cancellations.
|
“United Homes Group is committed to providing our shareholders with information as soon as it is available. Therefore, we are providing our preliminary unit statistics as soon as possible after quarter’s end,” shared Interim Chief Executive Officer Jamie Pirrello.
“During the fourth quarter, we saw continued growth in net new orders and closings. Our net new orders were up
Jack Micenko, President of the Company, continued, “The decrease in starts is a direct result of our major initiative to introduce redesigned house plans that are more competitive and are more aligned with current consumer needs and desires. We slowed starts in the fourth quarter while we finalized our plan refresh. We have over 20 redesigned home plans that were moved into permitting on November 1st, with construction starting in December. This is the first redesign effort in many years, and we are excited by the market’s initial reaction.”
Keith Feldman, the Company’s Chief Financial Officer, stated, “The fourth quarter also saw continued year-over-year growth in closings of
Shelton Twine, the Company’s Chief Operating Officer, stated, “While it is a competitive market, we are seeing strong demand for homes. Our incentives and mortgage buydowns, while expensive, continues to drive sales volume. Our focus is on out-competing the competition.”
“We expect 2025 to be a transformational year for United Homes Group as we take full advantage of the strong market dynamics in
About United Homes Group, Inc.
The Company is a publicly traded residential builder headquartered in
The Company employs a land-light operating strategy with a focus on the design, construction and sale of entry-level, first move-up and second move-up single-family houses. The Company principally builds detached single-family houses, and, to a lesser extent, attached single-family houses, including duplex houses and town houses. The Company seeks to operate its homebuilding business in high-growth markets, with substantial in-migrations and employment growth.
Under its land-light lot operating strategy, the Company controls its supply of finished building lots through lot option contracts with third parties, related parties, and land bank partners, which provide the Company with the right to purchase finished lots after they have been developed by the applicable third party or related party. This land-light operating strategy provides the Company with the ability to amass a pipeline of lots without the same risks associated with acquiring and developing raw land.
As the Company reviews potential geographic markets into which it could expand its homebuilding business, it intends to focus on selecting markets with positive population and employment growth trends, favorable migration patterns, attractive housing affordability, low state and local income taxes, and desirable lifestyle and weather characteristics.
Forward-Looking Statements
Certain statements contained in this earnings release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “continue,” or other similar words.
Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to, statements about our future financial performance, strategy, future operations, future operating results, plans and objectives of management. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation:
- disruption in the terms or availability of mortgage financing or an increase in the number of foreclosures in our markets;
- volatility and uncertainty in the credit markets and broader financial markets;
- a slowdown in the homebuilding industry or changes in population growth rates in our markets;
- shortages of, or increased prices for, labor, land or raw materials used in land development and housing construction, including due to changes in trade policies;
- material weaknesses in our internal control over financial reporting that we have identified, which, if not corrected, could affect the reliability of our Consolidated Financial Statements;
- our ability to execute our business model, including the success of our operations in new markets and our ability to expand into additional new markets;
- our ability to successfully integrate homebuilding operations that we acquire;
- delays in land development or home construction resulting from natural disasters, adverse weather conditions or other events outside our control;
- changes in applicable laws or regulations;
- the outcome of any legal proceedings;
- our ability to continue to leverage our land-light operating strategy;
- the ability to maintain the listing of our securities on Nasdaq or any other exchange; and
- the possibility that we may be adversely affected by other economic, business or competitive factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
For further information regarding other risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the documents we file from time to time with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20250106507743/en/
Investor Relations Contact:
Drew Mackintosh
drew@mackintoshir.com
Mobile: 310-924-9036
Media Contact:
Erin Reeves-McGinnis
erinreevesmcginnis@unitedhomesgroup.com
Phone: 844-766-4663
Source: United Homes Group, Inc.
FAQ
What was UHG's Q4 2024 net new orders growth compared to Q4 2023?
Why did UHG's home starts decline by 26.5% in Q4 2024?
How many closings did UHG achieve in full-year 2024?
What was the change in UHG's total inventory as of December 31, 2024?
When did UHG begin implementing its new home design plans?
