Hovnanian Sale Brings Out Home Buyers

//September 20, 2007

A three-day home sale this past weekend resulted in 450 gross sales in New Jersey, New York and Pennsylvania, according to slumping home builder Hovnanian Enterprises of Red Bank.A three-day home sale this past weekend resulted in 450 gross sales in New Jersey, New York and Pennsylvania, according to slumping home builder Hovnanian Enterprises of Red Bank.

K. Hovnanian Homes and Matzel & Mumford, divisions of Hovnanian Enterprises, had more than 2,100 gross sales, which include contracts and deposits, in 19 states from Sept. 14 through Sept. 16 in what the company labeled the “Deal of the Century.” The sale offered incentives such as price reductions, premium waivers and free upgrades.

Shares were up almost 30 percent to $13 in morning trading from $10.03 at the close of business on Sept. 13, the day before the sale started.

“The preliminary results exceeded our expectations,” said Ara K. Hovnanian, president and CEO of Hovnanian Enterprises.