Orders Fall 33% for William Lyon Homes
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Newport Beach home builder William Lyon Homes said orders fell 33% in the third quarter as the company exhausted much of its inventory earlier than expected.
Strong sales in the first and second quarters helped reduce third-quarter orders to 659 homes from 977 in the year-earlier period.
“We are completely sold out in San Diego County,” President Wade Cable said.
He said sales in Orange County had slowed as prices had skyrocketed.
Lyon warned of the order shortfall in an August conference call with analysts. It announced the third-quarter order tally after the markets closed. Lyon shares fell $2.12 to $81.26 on the NYSE.
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