Residential builder Hovnanian narrowed its losses during the first fiscal quarter to $18.3 million, compared to a loss of $64.1 million during the same quarter a year ago.  Revenue for the Red Bank, N.J.-based company grew by 6.7% during the quarter , which ended Jan. 31, to $269.6 million.

"The spring selling season is off to a good start," said company CEO Ara  Hovnanian in a prepared statement. "We are hopeful that these positive trends continue." 

Net contracts increased 27% to 1,079 homes from 850 homes last year.