NVR, Inc. is a homebuilder that constructs and sells single-family homes, townhomes and condominiums primarily across the Mid-Atlantic, Northeast, Midwest and Southeast United States. The company follows a distinctive land-light strategy, using lot option contracts to control land for future home construction without directly owning large land inventories, a more capital-efficient approach than homebuilders that purchase and hold substantial land banks. This land-light model reduces NVR's exposure to land value fluctuations and lets it operate with less capital tied up in land inventory compared to more traditional homebuilders. Homebuilding is closely tied to mortgage rates and housing affordability, since higher borrowing costs directly reduce how many buyers can afford a new home at a given price point, making interest rate movements a significant driver of demand for NVR's homes.