For the first time in three years local homebuilder Standard Pacific Homes came out of the red. They reported a

 net loss of $23.8 million during the third quarter which was 94% smaller than the year before – although slightly bigger than the previous quarter. 

Standard Pacific Homes revenues fell 18% in the July-September quarter due to a combination of a 9% drop in the company’s average sale price and fewer homes for the company to sell.  Last quarter the average Standard Pacific Home sold for $302,000 compared to $332,000 the year before.

From a development standpoint sales were up from last year.  The company averaged 2.2 home sales a month per development compared to 1.7 per development in 2008. Standard Pacific Homes was also able to able to pay down $348 million in short-term debt through a combination or stocks swaps and issuance of longer term notes.