Newport Beach-based William Lyon Homes Inc. reported lower third-quarter sales and profits on Wednesday.
The company reported net income of $38 million, down 15% from a year earlier, and sales of $376 million, off 20%.
The homebuilder closed sales on 650 homes, down 25% from a year earlier.
The drop in net income resulted from the fewer closings, Chief Executive William Lyon said in a statement.
Company officials expected a drop in closings as they were building at fewer developments than a year ago, “resulting in a lack of available product to sell.”
Still, William Lyon said it recorded $1.2 billion in homes under contract but not finished in the third quarter, a 16% jump from a year ago and the highest backlog for any quarter in the company’s history.
Orders for new homes increased 27% to 834 homes, versus a year earlier, the company said.
