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.
