United Homes Group saw closings and home-closing revenue decline on a year-over-year basis in both its fourth quarter and fiscal year 2025.
The quarterly earnings report is United Homes’ final as a public company ahead of its planned merger with Daiwa House-backed Stanley Martin Homes. After going public in 2023 and completing the acquisitions of Rosewood Communities, Herring Homes, and Creekside Custom Homes, United Homes Group struggled to generate strong earnings and shareholder value as a public company. The South Carolina-based builder cycled through three CEOs in three years and launched a strategic review of alternatives in May 2025 that included a potential sale. Six board members resigned from the company in October 2025. Although the strategic review determined a “business as usual approach” was best for the company in October, United Homes Group announced its $221 million sale to Stanley Martin Homes at the end of February.
“This transaction delivers immediate and certain cash value to our shareholders while aligning United Homes with a highly respected, well-capitalized builder in Stanley Martin,” Jack Micenko, CEO of United Homes Group, said at the time of the sale. “We are proud of the platform our team has built and believe this combination represents the best outcome for our shareholders and an outstanding opportunity for our employees, trade partners, and customers.”
United Home Group’s sale to Japan-backed Stanley Martin Homes was the latest deal reflecting a trend of international investment in the U.S. housing market. Japanese company Sumitomo Forestry acquired public builder Tri Pointe Homes in February in a $4.5 billion deal.
“The Japanese long-term demographics are less desirable than the long-term U.S. demographics. The successful Japanese builders, they are looking to allocate growth capital and they are looking at the best market in the world,” Tony Avila, founder and CEO of Builders Advisor Group, explained to BUILDER following the two deals. “[Japanese companies] have access to cheaper capital. They are taking advantage of cheaper capital in Japan and making acquisitions in the United States.”
By the Numbers
In the fourth quarter, closings declined by 9% to 375 for United Homes Group while home closings revenue fell 8% to $123.4 million. For the full fiscal year, closings and closings revenue declined by 17% and 12% to 1,192 homes and $406.7 million, respectively.
Net new orders in the fourth quarter declined by 14% to 351. In the fiscal year 2025, net new orders fell 12% to 1,227 homes. The average sales price of production-built homes increased to $341,000 in the 2025 from $329,000 in 2024.
United Homes Group ended the fiscal year with a lot pipeline of approximately 7,200 owned or controlled lots.
The builder, ranked No. 51 on the 2025 Builder 100 list, generated a fourth quarter profit of $3.2 million, or $0.05 per share, up from a profit of $0.7 million, or $0.01 per share, in the same period of 2024. For the full fiscal year 2025, United Homes Group generated a net loss of $16.3 million, or $0.28 per share. In 2024, the company generated a profit of $46.9 million, or $0.90 per share.
