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Dominion home sales fall by almost half
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By Alistair Barr, MarketWatch
Last Update: 6:25 PM ET Jul 7, 2006
SAN FRANCISCO (MarketWatch) -- Dominion Homes Inc. said late Friday that home sales almost halved in the second quarter because of tough conditions in the residential real estate market.
The Dublin, Ohio-based company reported sales of 356 homes worth $66.2 million during the second quarter vs. 655 homes worth $123.1 million in the same period a year earlier.
Second quarter 2005 results included the sale and closing of 20 model homes valued at $3.2 million, which the company leased back. There were no model home sale/lease backs during the second quarter of 2006.
Dominion (DHOM :
Dominion Homes Inc
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3:54pm 07/07/2006
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DHOM8.73, +0.22, +2.6%) said it delivered 398 homes in the second quarter vs. 548 homes a year ago. At the end of June, the company's backlog was 548 sales contracts worth $109.5 million, down from 887 contracts valued at $177.1 million.
"The decline in home sales, deliveries and backlog reflect the difficult home sales conditions in the company's markets," Dominion said in a statement.
Alistair Barr is a reporter for MarketWatch in San Francisco
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