We anticipate about 10,000-10,200 home closings by May 31, 2025 due to the recent increase in community count coupled with stable end-market demand. However, Ashton Woods' average sales price (ASP) will likely decline to about $400 thousand over the same period due to a shift in its sales mix as housing affordability remains a challenge. Despite this, we forecast the company will expand its revenue by about 10%-12% in fiscal year 2025. In our view, a shift in its sales mix, continued use of incentives, and increased commissions and marketing-related expenses will dampen the company's margins amid the elevated interest rate environment. Under our base-case forecast, Ashton Woods' S&P Global Ratings-adjusted EBITDA margins will decline to the 14%-15% range in
