Andrew Hassen: Hi, guys. This is Andrew Hassen from Mike. Thank you for taking the question. Congrats on the quarter. I just wanted to — yeah. I just wanted to ask if you guys have put out maybe a absorption target that you’re managing the business to, and if there’s maybe a level where if that — if it gets below that you would get much more aggressive on incentives and discounts, and things like that.
Robert Francescon: No, no, we haven’t done that. So we manage all the communities in our divisions and markets individually, but we do not have any company stated absorption pace.
Andrew Hassen: Got it. Thanks. And then, I’m not sure if you guys have alluded to how demand has been trending in October, and I’m just curious — I believe I heard the cancellation 13%, which is similar to last quarter. Just given how impressive orders were this quarter and the entry level exposure, I’m curious how cancellation rates have stayed so low.
David Messenger: Yeah. Our cancellation rate last quarter was 16%, which is consistent with where we had been running, down quite a bit from what we were experiencing pre-COVID in the low to mid 20% range. And I think that’s — as we said in our prepared remarks, it’s really a reflection of two things. One, we’re selling later in the construction cycle so that the consumer can know what his interest rate is and we can lock that, as — which is the primary factor as well as people are starting to adjust to these higher rates. With regard to the sales pace we’re seeing so far this month, October is actually up over the same period in September, although as we get later in the year, we start really being impacted by seasonality that happens towards the end of the year. We expect that to certainly start slowing down. But so far October has started out very well for us.
Andrew Hassen: Thank you. I appreciate that.
Operator: The next question is a follow up from Alex Barron with Housing Research. Please go ahead.
Alex Barron: Yeah. Thank you. I was curious if you guys would be able to share some of your average statistics for what a typical consumer looks like and maybe even break it down into a Century Complete, meaning like what’s the average household income, what’s the average FICO, what’s the average down payment, those types of things.
Dale Francescon: I’d say — I think that — we can look at providing something like that offline as opposed to going into all the nitty-gritty details here, or we can look at putting something into one of our investor decks going forward in the future.
Alex Barron: Okay. I think that would be helpful. Main reason I’m asking is because I think there’s this notion that, how can a median household income afford a home today? And I think the answer is it’s not your typical median household income buying homes. I think it’s more like the upper quintile or something. So I think it’d be helpful for investors to see what the profile of a typical buyer today is, but …
Robert Francescon: Yeah. We saw that in your piece today, Alex, so appreciate where you’re coming from there. And Dave, can — we have all those statistics. Dave could give you that.
Alex Barron: Got it. Thanks so much.
Robert Francescon: Okay.
Operator: This concludes our question-and-answer session. We will now turn the line back over to Dale for some brief closing remarks.
End of Q&A:
Dale Francescon: Thank you operator. To everyone on the call, thank you for your time today and interest in Century Communities. To our employees, thank you for your incredible efforts, dedication to Century and commitment to our valued homebuyers. To our investors, we appreciate your continued support and look forward to speaking with you again next quarter and sharing our continued progress and outlook for 2024.
Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.
