IRVINE, CA—Locally based homebuilder Standard Pacific Homes has been reaping the benefits of the luxury residential market. In a recent first-quarter earnings call, president and CEO Scott Stowell reported that the firm’s average selling price for quarter was up 20% over first-quarter 2013, and 70% of its deliveries were from the move-up and luxury categories.

“The strong operating performance we achieved during the last two years has continued into the first quarter, with pretax income, backlog value, home-sale revenues and new-order value up 74%, 39%, 26% and 16%, respectively,” said Stowell. “In addition to these solid results, I am particularly pleased with our operating margin from home sales, which was 13.4% for the 2014 first quarter, a 500 basis-point improvement from the prior year.”

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