“I can’t sit here and confidently tell you as I did the last few quarters, that the next home sold will be at a higher margin. I think it will be at a similar margin at the moment.”

In context

“little bit more mix given the fact that you are dialing back the price increases and what you are seeing in the market? Douglas Yearley: Yes. It’s – I chatted about that a few questions back. With 5% price increase per quarter for the last 18 months, we have been more than offsetting cost increases. I do not anticipate continuing to achieve 5% price increase per quarter with what we have seen in the last month and what we have been discussing. So, it’s hard to say yet whether we will have enough pricing power to offset cost increases. If the market does slow, do costs come down, we have a nice tailwind with lumber coming down that I think will benefit us in at least the second half of ‘23. So, it’s very hard to say, Alan, but certainly with what feels like a bit less pricing power today, I can’t sit here and confidently tell you as I did the last few quarters, that the next home sold will be at a higher margin. I think it will be at a similar margin at the moment. I am very happy with the margin, but we are just going to have to see how this – how demand plays out. Alan Ratner: It makes sense. Alright. I appreciate the thoughts guys. Douglas Yearley: Thanks. Take care. Operator: The next question comes from Buck Horne from Raymond James. Please go ahead. Buck Horne: Hey. Thanks. Good morning guys. Congrats on the quarter. Let me start with kind of a question that’s probably difficult to answer but one I get a lot. The market – the current prices for your stock in the group, I mean the market is anticipating some sort of housing cataclysm almost similar to a 2008-style meltdown. The question is kind of what would it take from here if you are trying to help the portfolio manage or understand this downside in terms of what kind of home price declines”