Red Bank, NJ, October 5, 2005—Homebuilder Hovnanian's preliminary net contracts rose 61.5% in September compared to last year, the homebuilder said Wednesday.
In terms of dollar value, September's net contracts rose 67.9%, climbing to $612 million, the Red Bank, New Jersey-based company said.
By region, growth was strongest in the Southeast, reflecting a pair of acquisitions completed earlier this year. Contracts also grew in the Northeast and the Southwest but fell in California, Hovnanian said.
The homebuilder's number of consolidated active selling communities increased to 352 as of Sept. 30 from 277 at the end of September 2004.
