Meritage Homes Corporation, the fifth-largest public homebuilder in the United States, has reported its financial results for the second quarter of 2025. The company achieved home closing revenue of $1.616 billion, a decrease of 5% compared to $1.694 billion in the same period last year. Total closing revenue also fell by 4%, from $1.694 billion to $1.624 billion. The company's net earnings for the quarter were $146.9 million, a significant decline of 37% from $231.6 million in the prior year. Earnings before income taxes also dropped by 35%, from $297.4 million to $193.1 million. Diluted earnings per share $(EPS)$ decreased by 35% to $2.04 from $3.15 in the same quarter last year. Meritage reported a decrease in home order value by 2%, from $1.573 billion to $1.547 billion. The average sales price for orders fell by 5%, from $414,000 to $395,000. The ending backlog of units decreased by 36% to 1,748 units, with the backlog value dropping 37% from $1.110 billion to $695.5 million. Despite the challenging market conditions, including elevated mortgage interest rates and weakened consumer confidence, the company sold 3,914 homes, maintaining an average absorption pace of 4.3 net sales per month across its improved average community count of 301. The company's strategy focuses on offering energy-efficient and affordable entry-level and first move-up homes across several states, including Arizona, California, and Texas.