The privately owned developer of luxury multifamily and single-family communities reported net income of $18.6 million on revenue of $234.8 million for the three months ended June 30, compared with a net gain of $13.7 million on revenue of $162.4 million for the same period a year ago.

News of the earnings gain follows an announcement earlier this month that the Bonita Springs-based company experienced a 53% increase in new contract values over the first six months this year. New contracts totaled $503.3 million for the reporting period, with the average sales price climbing 44% to $427,000.

"The homebuilding industry is experiencing very favorable economic conditions right now," Jerry Starkey, WCI president, says in a prepared statement. "Those favorable conditions are also having a very positive effect on our business in the coastal markets of Florida. We continue to see strong demand, particularly among the more affluent purchasers seeking a luxury lifestyle. This group of homebuyers continues to represent an increasing portion of our customer base."