Exhibit 99.1

NVR, INC. ANNOUNCES A 36% INCREASE IN EARNINGS PER SHARE FOR THE SECOND QUARTER OF 2004

FOR IMMEDIATE RELEASE	CONTACT: Dan Malzahn
	OFFICE: 703-761-2137

July 19, 2004 — McLean, VA — NVR, Inc. (AMEX: NVR), one of the nation’s largest homebuilding and mortgage banking companies, today announced that diluted earnings per share for its second quarter ended June 30, 2004 exceeded the 2003 second quarter by 36% and net income increased 22%. Net income for the 2004 second quarter was $115,970,000, $14.82 per diluted share, compared to net income of $95,092,000, $10.90 per diluted share, for the same period of 2003. Total revenues increased 18% to $1,003,282,000 for the quarter when compared to $848,501,000 for the same period of 2003. The Company reported that new orders decreased 3% to 4,001 units for the second quarter of 2004 when compared to the second quarter of 2003. Backlog at the end of the period increased 6% to 8,490 units when compared to the same time last year. The dollar value of the backlog units totaled $3,064,726,000 at the end of the June 2004 quarter, a 20% increase from a year earlier.

Homebuilding revenues for the three months ended June 30, 2004, totaled $984,833,000, 19% higher than the year earlier period. Income before tax from the homebuilding segment totaled $182,157,000, an increase of 28% when compared to the second quarter of the previous year. Gross profit margins improved to 25.3% for the second quarter of 2004 when compared to 24.8% for the same quarter of 2003.

The Company reported that closed loan production from its mortgage banking segment increased 8% during the June 2004 quarter when compared to the second quarter of 2003. Operating income for the 2004 second quarter decreased to $11,127,000, a 21% decrease from the same period of 2003. This decrease is primarily attributed to a shift away from fixed rate mortgages to adjustable rate and brokered mortgages, both of which are generally less profitable than fixed rate mortgages.

For the six months ended June 30, 2004, total revenues were $1,881,843,000, 18% higher than the $1,592,075,000 reported for the same period of 2003. Net income for the six months ended June 30, 2004 was $216,587,000, an increase of 18% when compared to the six months ended June 30, 2003. Earnings per diluted share for the six months ended June 30, 2004 was $27.38, an increase of 30% from $20.99 per diluted share for the comparable period of 2003. The Company also stated that during the first six months of 2004 it had repurchased approximately 552,000 shares of its common stock.

Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section

27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should” or “anticipates” or the negative thereof or other variations thereof or comparable terminology, or by discussion of strategies, each of which involves risks and uncertainties. All statements other than those of historical facts included herein, including those regarding market trends, NVR’s financial position, business strategy, projected plans and objectives of management for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to, general economic and business conditions (on both a national and regional level), interest rate changes, access to suitable financing, competition, the availability and cost of land and other raw materials used by NVR in its homebuilding operations, shortages of labor, weather related slow downs, building moratoria, governmental regulation, the ability of NVR to integrate any acquired business, fluctuation and volatility of stock and other financial markets and other factors over which NVR has little or no control. The Company has no obligation to update such forward-looking statements.

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NVR, Inc.

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

	Three Months Ended June 30,
	2004			2003
Homebuilding:
Revenues	$	984,833		$	828,563
Other income		681			592
Cost of sales		(735,978	)		(623,210	)
Selling, general and administrative		(64,341	)		(60,440	)
Operating income		185,195			145,505
Interest expense		(3,038	)		(3,725	)
Homebuilding income		182,157			141,780
Mortgage Banking:
Mortgage banking fees		16,543			17,883
Interest income		949			1,203
Other income		276			260
General and administrative		(6,270	)		(4,859	)
Interest expense		(371	)		(378	)
Mortgage banking income		11,127			14,109
Income before taxes		193,284			155,889
Income tax expense		(77,314	)		(60,797	)
Net income	$	115,970		$	95,092
Basic earnings per share	$	17.91		$	13.35
Diluted earnings per share	$	14.82		$	10.90
Basic average shares outstanding		6,475			7,124
Diluted average shares outstanding		7,825			8,725

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NVR, Inc.

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

	Six Months Ended June 30,
_	2004			2003
Homebuilding:
Revenues	$	1,845,518		$	1,551,938
Other income		1,327			1,524
Cost of sales		(1,378,989	)		(1,162,647	)
Selling, general and administrative		(122,823	)		(111,399	)
Operating income		345,033			279,416
Interest expense		(5,953	)		(7,061	)
Homebuilding income		339,080			272,355
Mortgage Banking:
Mortgage banking fees		32,651			35,639
Interest income		1,902			2,567
Other income		445			407
General and administrative		(12,482	)		(10,327	)
Interest expense		(617	)		(809	)
Mortgage banking income		21,899			27,477
Income before taxes		360,979			299,832
Income tax expense		(144,392	)		(116,934	)
Net income	$	216,587		$	182,898
Basic earnings per share	$	33.15		$	25.76
Diluted earnings per share	$	27.38		$	20.99
Basic average shares outstanding		6,533			7,101
Diluted average shares outstanding		7,911			8,713

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NVR, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share and share data)

	June 30, 2004		December 31, 2003
	(unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents	$	137,977	$	228,589
Receivables		22,795		9,550
Inventory:
Lots and housing units, covered under sales agreements with customers		621,491		480,492
Unsold lots and housing units		22,576		32,888
Manufacturing materials and other		6,639		10,393
		650,706		523,773
Assets not owned, consolidated per FIN 46		65,232		12,807
Property, plant and equipment, net		23,885		24,531
Reorganization value in excess of amounts allocable to identifiable assets, net		41,580		41,580
Goodwill, net		6,379		6,379
Contract land deposits		305,916		284,432
Other assets		111,115		117,575
		1,365,585		1,249,216
Mortgage Banking:
Cash and cash equivalents		4,874		3,630
Mortgage loans held for sale, net		113,652		96,772
Mortgage servicing rights, net		170		181
Property and equipment, net		1,021		875
Reorganization value in excess of amounts allocable to identifiable assets, net		7,347		7,347
Other assets		2,832		5,084
		129,896		113,889
Total assets	$	1,495,481	$	1,363,105

(Continued)

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NVR, Inc.

Condensed Consolidated Balance Sheets (Continued)

(in thousands, except per share and share data)

	June 30, 2004			December 31, 2003
	(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Homebuilding:
Accounts payable	$	195,880		$	185,913
Accrued expenses and other liabilities		225,204			243,223
Liabilities related to assets not owned, consolidated per FIN 46		41,353			12,071
Customer deposits		213,800			157,005
Other term debt		4,317			4,519
Senior notes		200,000			200,000
		880,554			802,731
Mortgage Banking:
Accounts payable and other liabilities		11,926			12,166
Notes payable		91,573			53,340
		103,499			65,506
Total liabilities		984,053			868,237
Commitments and contingencies
Shareholders’ equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,597,709 shares issued as of June 30, 2004 and December 31, 2003, respectively		206			206
Additional paid-in-capital		364,122			335,346
Deferred compensation trust – 492,118 and 510,118 shares as of June 30, 2004 and December 31, 2003, respectively, of NVR, Inc. common stock		(63,877	)		(64,725	)
Deferred compensation liability		63,877			64,725
Retained earnings		1,604,452			1,387,865
Less treasury stock at cost – 14,217,769 and 13,870,368 shares at June 30, 2004 and December 31, 2003, respectively		(1,457,352	)		(1,228,549	)
Total shareholders’ equity		511,428			494,868
Total liabilities and shareholders’ equity	$	1,495,481		$	1,363,105

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NVR, Inc.

Operating Activity

(unaudited)

(dollars in thousands)

	Three Months Ended June 30,
	2004		2003
Homebuilding data:
New orders (units)
Washington		1,174		1,195
Baltimore		475		578
North (1)		1,514		1,489
South (2)		838		850
Total		4,001		4,112
Average new order price	$	360.2	$	308.9
Settlements (units)
Washington		774		757
Baltimore		447		394
North (1)		1,217		1,096
South (2)		572		606
Total		3,010		2,853
Average settlement price	$	326.0	$	289.3
Mortgage banking data:
Loan closings	$	628,598	$	579,657
Common stock information:
Weighted average basic shares outstanding		6,475,000		7,124,000
Weighted average diluted shares outstanding		7,825,000		8,725,000
Number of shares repurchased		294,289		6,008
Aggregate cost of shares repurchased	$	131,920	$	2,182

(1) Delaware, New Jersey, New York, Ohio and Pennsylvania

(2) North Carolina, South Carolina, Tennessee and Richmond, VA

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NVR, Inc.

Operating Activity

(unaudited)

(dollars in thousands)

	Six Months Ended June 30,
	2004		2003
Homebuilding data:
New orders (units)
Washington		2,166		1,933
Baltimore		906		979
North (1)		2,776		2,625
South (2)		1,471		1,482
Total		7,319		7,019
Average new order price	$	352.7	$	305.0
Settlements (units)
Washington		1,487		1,584
Baltimore		894		758
North (1)		2,289		1,974
South (2)		1,049		1,043
Total		5,719		5,359
Average settlement price	$	321.8	$	288.7
Backlog (units)
Washington		2,962		2,583
Baltimore		1,069		1,164
North (1)		2,993		2,846
South (2)		1,466		1,424
Total		8,490		8,017
Average backlog price	$	361.0	$	318.9
Mortgage banking data:
Loan closings	$	1,151,937	$	1,094,554
Common stock information:
Shares outstanding at end of period		6,379,940		7,235,183
Weighted average basic shares outstanding		6,533,000		7,101,000
Weighted average diluted shares outstanding		7,911,000		8,713,000
Number of shares repurchased		551,619		350,285
Aggregate cost of shares repurchased	$	245,857	$	115,452

(1) Delaware, New Jersey, New York, Ohio and Pennsylvania

(2) North Carolina, South Carolina, Tennessee and Richmond, VA

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