IRVINE, CA—Locally based homebuilderStandard Pacific Homes has been reaping thebenefits of the luxury residential market. In arecent first-quarter earnings call, president and CEO ScottStowell reported that the firm's average selling price forquarter was up 20% over first-quarter 2013, and 70% of itsdeliveries were from the move-up and luxurycategories.

“The strong operating performance we achieved during the lasttwo 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 thesesolid results, I am particularly pleased with our operating marginfrom home sales, which was 13.4% for the 2014 first quarter, a 500basis-point improvement from the prior year.”

Revenues from home sales during A1 increased 25% to $446.9million, as compared to the prior year period, resulting primarilyfrom a 20% increase in the company's consolidated average homeprice to $449,000 and a 5% increase in new-home deliveries. Theincrease in average home price was mostly attributable to generalprice increases within a majority of the company's markets, a shiftto more move-up product and a decrease in the use of salesincentives.