Dominion Homes 2Q Sales Slip 46%


So how are the home builder fundamentals doing these days?

Friday July 7, 5:34 pm ET
Dominion Homes 2nd-Quarter Sales Slip 46 Percent on Cooling Real Estate Climate

DUBLIN, Ohio (AP) — Dominion Homes Inc., which sells homes and offers mortgage financing services, said revenue from home sales dropped 46.2 percent in the second quarter, compared with the same period last year.

Dominion said sales of 356 homes brought in $66.2 million for the quarter, compared with the sales of 655 homes for $123.1 million in 2005.

The company delivered 398 homes during the quarter, down from 548 homes a year ago. At June 30, its backlog totaled 548 contracts, with a value of $109.5 million, compared with 887 contracts valued at $177.1 million at the same point last year.

The homebuilder said the decline in sales, deliveries and backlog reflects the cooling residential real estate climate in the company’s markets, primarily central Ohio and the Louisville, Ky., area.

The company said it will announce second-quarter earnings after the close of business Aug. 3.

Shares of Dominion rose 22 cents, or 2.6 percent, to $8.73 on the Nasdaq. The company’s stock has traded between $8.20 and $23.36 in the past 52 weeks.

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