Irvine-based Standard Pacific Corp. took 2% less orders for new homes in the first quarter, versus a year earlier, the homebuilder said last week.
Cooler demand in Southern California, fewer communities open for sale in some markets and a decision by the company to slow sales in Florida accounted for the decline.
The news sent Standard Pacific’s shares down nearly 8% the day after the announcement.
Things aren’t all bad in Southern California, the builder said. While sales dropped 17.6% in the quarter to 547 homes, the pace of sales has picked up from late last year, it said.
Standard Pacific’s orders also dipped in Northern California.
Florida sales dropped 18% to 750 homes, as a result of an effort by the builder to slow sales there, the company said. Standard Pacific is trying to lessen its backlog of sold homes not yet finished.
Arizona sales were up on strong demand plus its August buy of Tucson-based homebuilder Kemmerly Homes Inc. Standard Pacific’s 518 sales in Arizona were 20% higher than a year earlier.
,Mathew Padilla
