David Weekley Homes Reports Record-setting Year

by David Weekley Homes

David Weekley Homes, one of the nation's leading Home Builders, today reported all-time highs for 2000 sales figures and revenues. Total home sales in 2000 increased by 9.3 percent in comparison to 1999, jumping from 2,969 to 3,245. As a result revenues significantly increased as well, exceeding $827 million and representing a 16.3 percent increase over 1999's total revenue of $711 million.

In the national housing market, 2000 proved to be an unpredictable year, with mortgage rates rising and falling. According to preliminary figures from the National Association of Home Builders (NAHB), nationwide new home sales dipped in 2000, totaling 898,000 compared to 907,000 in 1999.

However, David Weekley, Chairman of David Weekley Homes, believes 2001 will be a strong year within the homebuilding industry, not only for his company, but across the nation as well.

"We couldn't be more pleased with the year we had in 2000, maintaining our growth and reaching all-time highs within our company despite a nationwide slowdown in sales," commented Weekley. "We expect low mortgage rates and a good backlog for 2001 to put us on pace for another record-breaking year. And for the industry as a whole, all indications point toward a strong year."

Mortgage rates continue to hover slightly above 7 percent for single-family homes, according to Bankrate.com's national weekly survey of major metro areas. The NAHB predicts these rates will remain somewhere near 7.2 percent throughout 2001, driving more consumers to buy a home due to affordable mortgage payments. As a result, the 2001 home buying season, which began in January, is poised for a quick beginning.

"With interest rates the lowest they've been in nearly two years, 2001 should get off to a fast start," said Weekley. "The labor and supply shortages from a few years ago are non-existent right now. All of these factors will contribute to a healthy and strong national homebuilding industry in 2001."

Houston-based David Weekley Homes, Texas' largest, privately owned, single-family Home Builder, as well as the third largest, privately owned Home Builder in the U.S., is engaged in the design, construction, marketing and sales of single-family detached homes. David Weekley Homes currently builds in 18 markets across the nation, including Atlanta, Austin, Bluffton/Hilton Head, Charleston, Charlotte, Dallas/Ft. Worth, Denver, Fort Myers, Houston, Jacksonville, Orlando, Palm Coast, Panama City, Phoenix, Port Charlotte, Raleigh, San Antonio and Tampa. For more information about David Weekley Homes, visit the company's Web site at www.davidweekleyhomes.com.