Standard Pacific Homes (NYSE:SPF) released preliminary order numbers for July and August late Monday, Sept. 15, in advance of upcoming investor conferences.
Overall, net new-home orders for those two months were down 30 percent year-over-year. The cancellation rate–at 28 percent–improved from 34 percent during the same period last year, though it was a bit of a deterioration from the 25 percent cancellation rate logged in the year’s second quarter.
In market-by-market snapshots, orders were off 31 percent year-over-year in Arizona, 49 percent in Texas, and 25 percent in the Carolinas. Florida orders, however, were up 7 percent.
The California cancellation rate was 32 percent for those two months, the same as last year. Florida and Arizona cancellation rates shrunk to 24 percent and 18 percent respectively, compared to 53 percent and 35 percent in the same two months last year.
“Despite the positive comparisons in some of our markets, our absolute sales absorption rates continue to reflect the difficult housing conditions in substantially all our markets,” the company said in the press release.
