Hovnanian Enterprises, Inc. Announces March 2001 New Home Orders

Apr 05, 2001, 01:00 ET from Hovnanian Enterprises, Inc.

    RED BANK, N.J., April 5 /PRNewswire/ -- Hovnanian Enterprises, Inc.
 (NYSE:   HOV), a leading national homebuilder, announced today preliminary new
 home orders for the month of March 2001.
 
                           March 2001   March 00/01     March 2001 March 00/01
                           Net New     Net New Home     Net New   Net New Home
                         Home Orders  Orders % Change Home OrdersOrders $ %
                                                                      Change
                                                     ($ in millions)
 
     Northeast Region           190        -32.6%        $54.1        -28.9%
     North Carolina             170        126.7%         29.3        113.5%
     Metro DC                   193        451.4%         47.1        427.5%
 
     Mid South                   26           N/A          4.8           N/A
     California                  97        120.5%         33.6        107.9%
 
     Texas                      114         20.0%         23.1         21.5%
 
     Other                        3        -86.4%          0.1        -97.7%
 
     Total:                     793         43.4%       $192.1         37.9%
 
     Company-wide, the number of active selling communities in March 2001 was
 205, an 84.7% increase when compared to March 2000.  This increase is largely
 a result of the merger with Washington Homes, Inc., which closed on January
 23, 2001.  Washington Homes had 87 active communities as of January 23, 2001.
 an 84.7% increase when compared to March 2000.  This increase is largely a
 result of the merger with Washington Homes, Inc., which closed on January 23,
 2001.  Washington Homes had 87 active communities as of January 23, 2001.
     The number of communities increased more than the number of new home
 orders in March 2001, when compared with March 2000.  This does not reflect a
 sales decline in the Company's existing base of communities prior to the
 merger.  Rather, this decline in the Company's ratio of monthly sales per
 community is due to the substantial increase in the Company's presence in the
 Washington D.C., North Carolina, and Mid-South markets that resulted from the
 merger. These markets typically have lower ratios of monthly sales per
 community when compared with the Company's overall average ratio.
     The decline in new orders in the Northeast Region in March 2001 was caused
 by a 17% decrease in the number of active selling communities and
 exceptionally strong sales in March of last year.  Due in part to new
 community grand openings, the Company booked 282 new orders in the Northeast
 Region in March 2000.  This level of new orders was 43% higher than any other
 month during fiscal 2000.  The Company believes the decline in Northeast
 Region new home orders in March 2001 is an indication of the severe market
 constraints on obtaining development approvals for new communities rather than
 an indication of slowing demand for housing.
     Hovnanian Enterprises, Inc., founded in 1959, is headquartered in Red
 Bank, New Jersey.  The Company is one of the nation's largest homebuilders
 with operations in New Jersey, New York, Pennsylvania, Maryland, Virginia,
 North Carolina, Tennessee, Mississippi, Alabama, Texas and California in the
 United States and in Poland.  The Company's homes are marketed and sold under
 the trade names K. Hovnanian, Washington Homes, Goodman Homes, Matzel &
 Mumford, Diamond Homes, Westminster Homes, and Fortis Homes.  The Company also
 develops K. Hovnanian's Four Seasons communities for active adults.
 
 

SOURCE Hovnanian Enterprises, Inc.
    RED BANK, N.J., April 5 /PRNewswire/ -- Hovnanian Enterprises, Inc.
 (NYSE:   HOV), a leading national homebuilder, announced today preliminary new
 home orders for the month of March 2001.
 
                           March 2001   March 00/01     March 2001 March 00/01
                           Net New     Net New Home     Net New   Net New Home
                         Home Orders  Orders % Change Home OrdersOrders $ %
                                                                      Change
                                                     ($ in millions)
 
     Northeast Region           190        -32.6%        $54.1        -28.9%
     North Carolina             170        126.7%         29.3        113.5%
     Metro DC                   193        451.4%         47.1        427.5%
 
     Mid South                   26           N/A          4.8           N/A
     California                  97        120.5%         33.6        107.9%
 
     Texas                      114         20.0%         23.1         21.5%
 
     Other                        3        -86.4%          0.1        -97.7%
 
     Total:                     793         43.4%       $192.1         37.9%
 
     Company-wide, the number of active selling communities in March 2001 was
 205, an 84.7% increase when compared to March 2000.  This increase is largely
 a result of the merger with Washington Homes, Inc., which closed on January
 23, 2001.  Washington Homes had 87 active communities as of January 23, 2001.
 an 84.7% increase when compared to March 2000.  This increase is largely a
 result of the merger with Washington Homes, Inc., which closed on January 23,
 2001.  Washington Homes had 87 active communities as of January 23, 2001.
     The number of communities increased more than the number of new home
 orders in March 2001, when compared with March 2000.  This does not reflect a
 sales decline in the Company's existing base of communities prior to the
 merger.  Rather, this decline in the Company's ratio of monthly sales per
 community is due to the substantial increase in the Company's presence in the
 Washington D.C., North Carolina, and Mid-South markets that resulted from the
 merger. These markets typically have lower ratios of monthly sales per
 community when compared with the Company's overall average ratio.
     The decline in new orders in the Northeast Region in March 2001 was caused
 by a 17% decrease in the number of active selling communities and
 exceptionally strong sales in March of last year.  Due in part to new
 community grand openings, the Company booked 282 new orders in the Northeast
 Region in March 2000.  This level of new orders was 43% higher than any other
 month during fiscal 2000.  The Company believes the decline in Northeast
 Region new home orders in March 2001 is an indication of the severe market
 constraints on obtaining development approvals for new communities rather than
 an indication of slowing demand for housing.
     Hovnanian Enterprises, Inc., founded in 1959, is headquartered in Red
 Bank, New Jersey.  The Company is one of the nation's largest homebuilders
 with operations in New Jersey, New York, Pennsylvania, Maryland, Virginia,
 North Carolina, Tennessee, Mississippi, Alabama, Texas and California in the
 United States and in Poland.  The Company's homes are marketed and sold under
 the trade names K. Hovnanian, Washington Homes, Goodman Homes, Matzel &
 Mumford, Diamond Homes, Westminster Homes, and Fortis Homes.  The Company also
 develops K. Hovnanian's Four Seasons communities for active adults.
 
 SOURCE  Hovnanian Enterprises, Inc.