Green Brick kept an industry-leading 28.0% gross margin and grew orders 3%, using the downturn to buy and develop land for future growth.

Smith Douglas grew orders 13% and backlog 25%, but gross margin fell to 16.3% as production outran demand and specs built up.

D.R. Horton beat its margin guide at 20.7% on lower stick-and-brick costs, choosing to protect margin instead of chasing more closings.

Lennar hit a record 121-day cycle time and cut incentives to 12.9%, with build costs down 7% to $81 per square foot.

PulteGroup grew orders 6% with a 25.0% gross margin as built-to-order rose to 45% of sales, helped by 100-day build cycles.

NVR grew orders 9% and backlog 9%, while gross margin held at 19.2% and settlements fell 8%.

Meritage cut completed specs 42% and converted 200% of backlog, while starting to shift a third of future land toward first move-up buyers.

KB Home’s backlog is up 45% since January as built-to-order returns, with build times down to 100 days and about 4 points of margin spread over specs.

Toll beat revenue and margin guidance, grew contracts 7%, and cut finished specs per community from 2.8 to 2.

Century set a record 112-day cycle time and cut direct construction costs 5% from Q1, lifting adjusted gross margin to 20.0%.

M/I Homes grew new contracts 15% with a roughly 22% gross margin and an 8% cancellation rate, without chasing closings.

LGI grew closings and revenue, helped by a rebound in wholesale sales to institutional buyers, but its cancellation rate rose to 49.4%.