FORT WORTH, TX -- D.R. Horton, Inc. reported that net income for its first fiscal quarter ended December 31, 2013 increased 86% to $123.2 million from $66.3 million in the same quarter of fiscal 2013. Homebuilding revenue for the first quarter of fiscal 2014 increased 33% to $1.6 billion from $1.2 billion in the same quarter of 2013. Homes closed in the quarter increased 19% to 6,188, compared to 5,182 homes in the year ago quarter.
Net sales orders for the first quarter ended December 31, 2013 increased 4% to 5,454 homes from 5,259 homes in the year-ago quarter and the value of net sales orders increased 14% to $1.5 billion from $1.3 billion. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the first quarter of fiscal 2014 was 23%. The Company's sales order backlog of homes under contract at December 31, 2013 increased 5% to 7,684 homes from 7,317 homes at December 31, 2012. The value of the backlog increased 20% to $2.1 billion at December 31, 2013 from $1.8 billion a year ago.
Donald R. Horton, Chairman of the Board, said, "Our fiscal 2014 is off to a great start. First quarter pre-tax income increased 76% to $189.7 million and our pre-tax income margin improved 290 basis points to 11.4%. The dollar value of our homes sold, closed and in backlog all increased by double-digit percentages. Our average sales price increased 10% to $275,600, reflecting pricing power across most of our markets and increased demand from move-up buyers.
"Housing market conditions continue to improve across most of our operating markets, and our weekly sales pace has accelerated in January. We are well-positioned to capture demand in the spring selling season with a solid balance sheet, an increased community count, a robust finished lot supply and a strong inventory of homes available for sale."
D.R. Horton, Inc., America's Builder, is the largest homebuilder in the United States, based on its 25,161 homes closed in the twelve-month period ended December 31, 2013. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 77 markets in 27 states in the East, Midwest, Southeast, South Central, Southwest and West regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $100,000 to over $1,000,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.