NVR, INC. ANNOUNCES A 24% INCREASE IN EARNINGS PER SHARE FOR THE FIRST QUARTER OF 2003

April 16, 2003 McLean, VA NVR, Inc. (AMEX: NVR), one of the nations largest homebuilding and mortgage banking companies, today announced that diluted earnings per share for its first quarter ended March 31, 2003 exceeded the 2002 first quarter by 24% and net income increased 14%. Net income for the 2003 quarter was $87,806,000, $10.10 per diluted share, compared to net income of $76,713,000, $8.17 per diluted share, for the same period of 2002. Total revenues increased 7% to $743,574,000 for the quarter when compared to $692,255,000 for the same period of 2002.

Homebuilding revenues for the first three months of 2003 totaled $723,375,000, an increase of 7% over the same period of 2002. Income before tax from the homebuilding segment totaled $130,575,000, an increase of 17% when compared to the first quarter of the previous year. Gross profit margins for the three months ended March 31, 2003 were 25.4%, up from 24.0% for the 2002 first quarter. New orders for the first quarter of 2003 totaled 2,907 units, a 3% decline from the 2,989 units reported for the 2002 first quarter. Home settlements for the current quarter decreased 5% to 2,506 units when compared to the same quarter of 2002. The Company attributed the decrease in new order and settlement activity primarily to declines in its Washington and Baltimore markets caused by development delays, which resulted in a reduction in the number of active communities when compared to the first quarter of 2002. In addition, the Companys backlog of homes sold but not settled at the end of the 2003 quarter increased on a unit basis by 14% to 6,758 units and 24% on a dollar basis to $2,111,187,000 when compared to the same time last year.

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