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NVR NVR , INC . ANNOUNCES FIRST QUARTER RESULTS Exhibit 99.1 April 21 , 2021 , Reston , VA ― NVR , Inc. ( NYSE : NVR ) , one of the nation's largest homebuilding and mortgage banking companies , announced net income for its first quarter ended March 31 , 2021 of $ 248.8 million , or $ 63.21 per diluted share . Net income and diluted earnings per share for the first quarter ended March 31 , 2021 increased 42 % and 41 % , respectively , when compared to 2020 first quarter net income of $ 175.7 million , or $ 44.96 per diluted share . Consolidated revenues for the first quarter of 2021 totaled $ 2.04 billion , which increased 29 % from $ 1.58 billion in the first quarter of 2020 . Homebuilding New orders in the first quarter of 2021 increased by 26 % to 6,314 units , when compared to 5,015 units in the first quarter of 2020. The average sales price of new orders in the first quarter of 2021 was $ 410,500 , an increase of 10 % when compared with the first quarter of 2020 . The cancellation rate in the first quarter of 2021 was 10 % compared to 21 % in the first quarter of 2020. Settlements in the first quarter of 2021 increased by 20 % to 5,072 units , compared to 4,230 units in the first quarter of 2020. Our backlog of homes sold but not settled as of March 31 , 2021 increased on a unit basis by 42 % to 12,791 units and increased on a dollar basis by 51 % to $ 5.20 billion when compared to the respective backlog unit and dollar balances as of March 31 , 2020 . Homebuilding revenues of $ 1.96 billion in the first quarter of 2021 increased by 26 % compared to homebuilding revenues of $ 1.56 billion in the first quarter of 2020. Gross profit margin in the first quarter of 2021 increased to 19.7 % , compared to 16.8 % in the first quarter of 2020 . Gross profit margin in the first quarter of 2020 was impacted by contract land deposit impairments of approximately $ 36.4 million , or 234 basis points of revenue . Income before tax from the homebuilding segment totaled $ 253.4 million in the first quarter of 2021 , an increase of 69 % when compared to the first quarter of 2020 . Mortgage Banking Mortgage closed loan production in the first quarter of 2021 totaled $ 1.41 billion , an increase of 25 % when compared to the first quarter of 2020. Income before tax from the mortgage banking segment totaled $ 58.6 million in the first quarter of 2021 , an increase of 411 % when compared to $ 11.5 million in the first quarter of 2020. This increase was primarily attributable to increased mortgage volume in the first quarter of 2021 , coupled with income in the first quarter of 2020 being adversely impacted by disruptions in the mortgage markets related to the COVID - 19 pandemic , which resulted in a reduction in fair value of mortgage servicing rights . Effective Tax Rate Our effective tax rate for the three months ended March 31 , 2021 was an expense of 20.3 % as compared to a benefit of 8.9 % for the three months ended March 31 , 2020. The increase in the effective tax rate quarter over quarter is primarily attributable to recognizing a lower income tax benefit related to excess tax benefits from stock option exercises in the first quarter of 2021. For the three months ended March 31 , 2021 and March 31 , 2020 we recognized $ 17.4 million and $ 55.7 million , respectively , in such income tax benefits . Other Matters - COVID - 19 The COVID - 19 pandemic has had a significant impact on all facets of our business . Our primary focus as we face this challenge is to do everything we can to ensure the safety and well - being of our employees , customers and trade partners . Residential construction has been deemed an essential business in each of the markets we operate . In each of our markets , we continue to operate in accordance with the guidelines issued by the Centers for Disease Control and Prevention as well as state and local health department guidelines , which has resulted in significant changes to the way we conduct business . 1