Homebuilder Backlog

The dollar value of homes a builder has under contract but has not yet closed -- revenue already sold and not yet recognized. It is the clearest forward view in the sector, because a house takes months to build and a signed contract usually becomes revenue within two to four quarters. Two cautions: backlog is not guaranteed revenue, since buyers cancel and cancellation rates rise sharply when rates or confidence move against them; 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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