Homebuilder Backlog

Homes a builder has under contract but has not yet delivered (closed) at the end of the period -- revenue already sold but not yet recognized. Builders report it as a unit count and, usually, a dollar value. It is the clearest forward view in the sector, because a house takes months to build and a signed contract usually becomes revenue within a few quarters. Two cautions: backlog is not guaranteed revenue, since buyers can cancel and cancellation rates rise sharply when mortgage rates or confidence move against them, eroding backlog before it converts to deliveries; and a shrinking backlog can mean either weak orders or fast deliveries, so read it with net new orders rather than alone.

Related terms

Accounts Payable · Adjusted EBITDA · Adjusted EBITDA Ex-SBC · Administered-Only Members · ADR · ARPU

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