The Midwest and Northeast each contributed about a quarter of the 2,100 gross sales to Hovnanian Enterprises' (NYSE: HOV) "Deal of the Century."
Hovnanian reported about 450 people bought its homes in New Jersey, New York, and Pennsylvania during the sales event. For the fiscal quarter ending July 31, the company reported 408 sales in that market. Additionally, the company sold three homes in New Kent County, Va., seven in Charlottesville, Va., and five in Dumfries, Va., according to the Richmond Times-Dispatch.
In the Midwestern markets of Minnesota, Illinois, Kentucky, Michigan, and Ohio, Hovnanian sold homes to about 460 people. For the fiscal quarter ending July 31, Hovnanian had 268 contracts in the region.
However, not all of the people who originally bought homes signed contracts. During the three-day sales blitz, Town and County Homes in Chicago, a subsidiary of Hovnanian, took approximately 72 reservations. 50 of those reservations turned into purchase agreements throughout last week.
"Of the 22 that did not sign, they either had personal credit issues and did not qualify or backed off for other reasons, such as they currently own a house that they'd need to sell or were just out shopping that weekend and couldn't make a decision when it was time to sign," said Sharon Windle, president of Sharon Windle Inc., which handles public relations for Town and Country.