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August 10 , 2021 DE DREAM FINDERS HOMES Dream Finders Homes Announces Record Second Quarter 2021 Earnings , Increasing Quarterly Pre - Tax Income by 193 % YoY JACKSONVILLE , Fla . , Aug. 10 , 2021 ( GLOBE NEWSWIRE ) -- Dream Finders Homes , Inc. ( NASDAQ : DFH ) announces pre - tax income of $ 37 million for the quarter ended June 30 , 2021 , an increase of 193 % over the $ 12 million earned in the quarter ended June 30 , 2020 . The increase in pre - tax income was primarily driven by an 83 % increase in home sales revenues and 270 basis points of gross margin percentage accretion from the second quarter of 2020. Our focus on shareholder returns continues to deliver superior results with return on equity growing 10.6 % to 44.3 % for the trailing twelve months ended June 30 , 2021 , compared to 33.7 % for the trailing twelve months ended June 30 , 2020 . Second Quarter 2021 Highlights and Results • Total revenues were $ 365 million , an increase of 83 % when compared to the $ 200 million in the second quarter of 2020. Home closings increased to 996 homes for the second quarter of 2021 , a 91 % increase over the 522 home closings in the second quarter of 2020. Average selling price per home closed in the second quarter of 2021 was $ 358,604 compared to $ 366,704 for the second quarter of 2020. The decrease in average selling price per home closed was driven by the acquisition of H & H Homes , which delivered 315 homes in the second quarter at an average selling price of $ 301,033 • Gross margin as a percentage of homes sales revenues was 16.5 % , an increase of 270 basis points when compared to the second quarter of 2020 gross margin percentage of 13.8 % . Margin expansion was driven by price appreciation outpacing cost inflation as well as lower cost of funds • Pre - tax income , net of income attributable to non - controlling interests , was $ 33 million , an increase of 182 % when compared to the $ 12 million generated in the second quarter of 2020 • Net profit margin as a percentage of total revenues was 7.8 % , an increase of 190 basis points when compared to the second quarter of 2020 net profit margin percentage of 5.9 % • Net new orders increased to 1,521 homes , an increase of 92 % over the net new orders of 792 in the second quarter of 2020. H & H Homes contributed 499 net new orders in the second quarter of 2021 • The cancellation rate for the second quarter of 2021 was 14.4 % , a decrease of 360 basis points from the 18.0 % in the second quarter of 2020 • Our controlled lot pipeline increased from 19,276 lots at December 31 , 2020 to 22,923 at June 30 , 2021 as we continue building for the future . As of June 30 , 2021 , the Company owned 4,280 lots , of which 3,224 were homes under construction . In addition , as of June 30 , 2021 , the Company's lot pipeline under due diligence is over 14,000 lots • Active community count at the end of the second quarter of 2021 was 117 , an increase