Exhibit 99.1

WILLIAM LYON HOMES REPORTS THIRD QUARTER 2014 RESULTS

NEWPORT BEACH, CA— November 7, 2014— William Lyon Homes (NYSE: WLH), a leading homebuilder in the Western U.S., announced results for its 2014 third quarter ended September 30, 2014. On August 12, 2014, the Company completed its acquisition of the residential homebuilding business of Polygon Northwest Homes (“Polygon Northwest”), the largest private homebuilder in the Pacific Northwest Region. The Company’s consolidated results for the third quarter ended September 30, 2014 include the financial results of Polygon Northwest from the date of acquisition, as Washington and Oregon divisions.

2014 Third Quarter Highlights (Comparison to 2013 Third Quarter)

Select pro forma results including Polygon Northwest for the full Third Quarter ended September 30, 2014, assuming the acquisition had closed as of July 1, 2014:

“This was an important quarter for the Company. Not only did we continue to improve our year-over-year performance across a number of operating and financial metrics, we also completed our acquisition of Polygon Northwest Homes, the largest private homebuilder in the Pacific Northwest,” said William H. Lyon, Chief Executive Officer. “We realized significant increases in home sales revenue, the dollar value of orders and backlog, and the number of active selling communities. Our net income was $5.6 million, or $0.17 per diluted share for the quarter ended September 30, 2014, or $10.2 million and $0.31 per diluted share as adjusted to exclude one-time transaction expenses. We are excited to welcome the Polygon team into the William Lyon Homes family as we expand our geographic footprint and increase the scale of our existing operations within the Western region of the U.S. by adding Portland, Oregon and Seattle, Washington to our operating platform. While the sales environment in some of our markets has been less robust than desired, we believe that our operating strategy of focusing on the best residential markets in the western United States will allow us to continue to drive outsized growth and shareholder value.”

Matthew R. Zaist, President and Chief Operating Officer stated, “We are extremely proud of the continued progress of our operating teams as evident in our third quarter results. On a fully combined pro forma basis for the quarter, homebuilding revenues topped $230 million, new home deliveries of 518 were up 46% and new home orders of 495 were up almost 60%. We believe that the scale of the combined company will allow us to meaningfully drive top line growth, while the cost synergies of the transaction will allow us to continue to drive efficiencies on the SG&A side of our business.” Mr. Zaist continued, “The fourth quarter is off to a strong start, as we have seen strong growth in October, with

year-over-year increases in new home orders of 103%, new home deliveries of 47%, and homebuilding revenue of 51% as compared to October 2013. In the fourth quarter of 2014, we anticipate 650 to 700 new home deliveries and homebuilding revenue between $300 million and $330 million.”

Operating Results

Home sales revenue for the third quarter of 2014 was $196.1 million, as compared to $141.4 million in the year-ago period, an increase of 39%. Our performance was driven by a 19% increase in the number of deliveries to 424 homes and a 16% increase in the average sales price of homes delivered to $462,500 in the quarter, compared to 356 homes delivered and a $397,100 average sales price, respectively, in the year-ago period. Average sales price of homes delivered increased in most of our divisions, driven by price appreciation in certain communities and a 105% increase in deliveries in Southern California with ASPs of $574,500. Included in this quarter’s results, since August 12, 2014, were revenues from the newly acquired Washington and Oregon divisions of $38.9 million combined, consisting of 104 homes delivered at an average sales price of $374,100.

The dollar value of our orders for the third quarter of 2014 was $199.2 million, an increase of 40%, from $142.4 million in the year-ago period. Net new home orders for the quarter were 422, up 35% from 312 in the third quarter of 2013. The overall increase in net new home orders was driven by an increase in community count to 49 average sales locations, from 26 in the year-ago period, offset by a decrease in absorption from 4.0 sales per project per month in the year-ago period to 2.9 sales per month in the current period. Absorption was strong in the Pacific Northwest at 1.3 sales per project per week, as well as in Southern California at 0.9 sales per project per week. We ended the quarter with 55 active selling communities, a 90% increase as compared to 29 active selling communities at the end of the year-ago period.

Including the newly acquired Washington and Oregon divisions, the dollar value of homes in backlog was $382.9 million as of September 30, 2014, an increase of 84% compared to $208.1 million as of September 30, 2013. The increase was driven by a 56% increase in units in backlog to 728 from 467 in the year-ago period and an increase in the average sales price of homes in backlog to $525,900, up 18% from $445,600 in the year-ago period, and up 14% from the averages sales price of homes closed during the third quarter of 2014 of $462,500.

Homebuilding gross margins for the third quarter of 2014 were 19.6%, as compared to gross margins of 23.6% in the year-ago period. The decrease in gross margin is attributable to a lower number of homes closed during the quarter that benefit from fresh start accounting, primarily in Southern California and Nevada. In addition, with the adoption of purchase accounting related to the Polygon acquisition, GAAP margins were impacted by 200 basis points. Adjusted homebuilding gross margin percentage was 24.6% during the third quarter of 2014, as compared to 30.2% in the year-ago period.

Breaking down the components of SG&A, sales and marketing expense was 6.4% of homebuilding revenue during the third quarter of 2014, compared to 4.7% in the year-ago quarter, driven by higher advertising and model operations costs associated with the startup of new models and an increase in total selling communities. Excluding one-time transaction expenses, general administrative expenses decreased to 6.5% of homebuilding revenue, compared to 7.2% in the year-ago quarter, as we continued to leverage higher revenues with a lower relative cost structure.

Balance Sheet Update

At quarter end, cash, cash equivalents and restricted cash totaled $35.6 million, escrow proceeds receivable totaled $14.6 million, real estate inventories totaled $1,378.4 million and total debt was $1,041.7 million. Net debt to net book capitalization was 68.1%, and total debt to total book capitalization was 68.9% at September 30, 2014.

Conference Call

The Company will host a conference call to discuss these results today, Friday, November 7, 2014 at 9:00 a.m. Pacific Time. The call will be available via both the telephone at (877) 280-4957 or (857) 244-7314, passcode #67683693, or through the Company’s website at www.lyonhomes.com in the

Investor Relations section of the site. A replay of the call will be available through November 21, 2014 by dialing (888) 286-8010 or (617) 801-6888, passcode #12442501. A webcast replay of the call will also be available on the Company’s website approximately two hours after the broadcast.

About William Lyon Homes

William Lyon Homes is one of the largest Western U.S. regional homebuilders. Headquartered in Newport Beach, California, the Company is primarily engaged in the design, construction, marketing and sale of single-family detached and attached homes in California, Arizona, Nevada, Colorado, Washington and Oregon. Its core markets include Orange County, Los Angeles, San Diego, the San Francisco Bay Area, Phoenix, Las Vegas, Denver, Seattle and Portland. The Company has a distinguished legacy of more than 58 years of homebuilding operations, over which time it has sold in excess of 93,000 homes. The Company markets and sells its homes under the William Lyon Homes brand in all of its markets except for Colorado, where the Company operates under the Village Homes brand, and Washington and Oregon, where the Company operates under the Polygon Northwest brand.

Certain statements contained in this release and the accompanying comments during our conference call that are not historical information contain forward-looking statements, including, but not limited to, statements related to: anticipated fourth quarter home closing revenue and deliveries, market and industry trends, the anticipated financial and operating results from execution of the Company’s growth strategy and focus on markets in the Western United States, and the anticipated benefits to be realized from the consummation of the Polygon Northwest acquisition. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. Factors that may impact such forward-looking statements include, among others: our ability to realize the anticipated benefits from the acquisition of Polygon Northwest; our ability to integrate successfully the Polygon Northwest operation with our existing operations; any adverse effect on our business operations, or those of Polygon Northwest, following consummation of the acquisition; worsening in general economic conditions either nationally or in regions in which we operate; conditions in our newly entered markets and newly acquired operations; worsening in markets for residential housing; decline in real estate values resulting in impairment of our real estate assets; volatility in the banking industry and credit markets; uncertainties in the capital and securities markets; terrorism or other hostilities involving the United States; whether an ownership change occurred that could, under certain circumstances, have resulted in the limitation of our ability to offset prior years’ taxable income with net operating losses;

changes in mortgage and other interest rates; conditions in the capital, credit and financial markets, including mortgage lending standards and the availability of mortgage financing; changes in generally accepted accounting principles or interpretations of those principles; changes in prices of homebuilding materials; the availability of labor and homebuilding materials; adverse weather conditions; competition for home sales from other sellers of new and resale homes; cancellations and our ability to realize our backlog; the occurrence of events such as landslides, soil subsidence and earthquakes that are uninsurable, not economically insurable or not subject to effective indemnification agreements; changes in governmental laws and regulations; our financial leverage and level of indebtedness and any inability to comply with financial and other covenants under our debt instruments; whether we are able to refinance the outstanding balances of our debt obligations at their maturity; anticipated tax refunds; limitations on our ability to utilize our tax attributes; limitations on our ability to reverse any remaining portion of our valuation allowance with respect to our deferred tax assets; the timing of receipt of regulatory approvals and the opening of projects; the impact of construction defect, product liability and home warranty claims, including the adequacy of self-insurance accruals, and the applicability and sufficiency of our insurance coverage; the availability and cost of land for future development; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.

Investor/Media Contacts:

Larry Clark

Financial Profiles, Inc.

(310) 622-8223

WLH@finprofiles.com

Lisa Mueller

Financial Profiles, Inc.

(310) 622-8231

WLH@finprofiles.com

WILLIAM LYON HOMES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data)

(unaudited)

WILLIAM LYON HOMES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data)

(unaudited)

WILLIAM LYON HOMES

CONSOLIDATED BALANCE SHEETS

(in thousands, except number of shares and par value per share)

(unaudited)

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

WILLIAM LYON HOMES

SUPPLEMENTAL FINANCIAL INFORMATION

(unaudited)

SELECTED FINANCIAL DATA (dollars in thousands):

Balance Sheet Data

WILLIAM LYON HOMES

SUPPLEMENTAL FINANCIAL INFORMATION

(unaudited)

The following table reconciles earnings per share as reported on a GAAP basis to non-GAAP earnings per share. We believe that this non-GAAP measure provides useful information to investors regarding the ongoing performance of the Company excluding expenses that do no relate to our homebuilding operations:

The following table reconciles our select operating results as presented to pro forma results including Polygon Northwest Homes for the full third quarter ended September 30, 2014, assuming the acquisition had closed as of July 1, 2014: