Dream Finders Homes Inc. reported third-quarter revenue rose 12% to $1.007 billion.
However, the Jacksonville-based homebuilder said earnings fell 7% to $70.7 million, or 70 cents a share.
Dream Finders said home closings rose 5% in the quarter to 1,889 and the average sales price of homes closed rose 3% to $518,553, but its homebuilding gross margin fell from 20.6% in last year’s third quarter to 19.2%.
“While we experienced some margin erosion in Q3, we are more focused on maintaining our growth expectations,” CEO Patrick Zalupski said in an Oct. 31 news release.
“We are focused on closing out another successful year in 2024 while also hard at work building long-term value for 2025 and beyond. We reiterate our guidance of 8,250 closings for the full year 2024,” he said.
Dream Finders closed on 5,575 homes in the first nine months of 2024, up from 5,161 last year.