Tarragon Corporation Reports Surging Home Sales
Friday September 9, 7:35 am ET
859 Orders Taken in July and August Total $251 Million
NEW YORK, Sept. 9 /PRNewswire-FirstCall/ -- Tarragon Corporation (Nasdaq: TARR - News), an urban homebuilder specializing in the development and marketing of high-density residential communities, announced that home sales continued to escalate in July and August, after having set records earlier this year. Tarragon said that it had 342 new home orders for a total of $116.4 million in July and 517 new orders totaling $134.4 million in August. That represents a substantial increase compared to 123 orders totaling $40.9 million in July 2004, and 58 orders totaling $18.0 million in August 2004.
The Company also announced it had delivered 439 homes in July 2005 representing $108.5 million in sales proceeds, compared to 23 homes worth $5.5 million in July 2004. In August 2005, the Company delivered an additional 422 homes for $107.0 million compared to 54 in August 2004 worth $11.3 million.
Tarragon's Chairman and Chief Executive Officer, William S. Friedman, commented, "The strong sales activity during the first two months of our third quarter points to record quarterly results. The 517 new orders taken in August was the most ever for any 30-day period. To achieve this sales velocity, especially in August which is normally a slow month in our largest markets in Florida, underlines the extraordinary demand for our homes." |
