Meritage Homes reports strong Q1 sales, but steep orders drop-off in March

Posted at 9:17 AM, Apr 07, 2020
and last updated 2020-04-07 12:17:07-04

Meritage Homes Corp. revealed in a regulatory filing on Monday that the company had a strong start to 2020 that gave way to increased purchase cancellations and a sharp drop in year-over-year home orders in March.

Scottsdale-based Meritage pointed to the spread of the COVID-19 pandemic to account for an 8% drop in net orders for March over the same month in 2019.

Net orders were 957 in March compared to 1,044 in the year-earlier period.

The March downturn contrasted with two months of large year-over-year gains in January and February, at 38% and 51%, respectively.

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