LOS ANGELES - The spring home-selling season is off to a lackluster start, and a turnaround may not be in the cards until the second half of the year.

That's the main takeaway from Lennar Corp.'s latest quarterly results, which offered a glimpse into home-sales trends in February, the official start of the traditional peak home-selling season.

Homebuilders hope to see improved sales this spring after a dismal 2010 that marked the fifth consecutive year that new home sales declined. But Lennar's results suggest the prospects for a strong seasonal lift in home sales may be slim.

The Miami-based builder said Tuesday that new home orders fell 12 percent in the December to February quarter and home deliveries dropped 3 percent.

The company surprised Wall Street by reporting a profit for the quarter, but the earnings came about as the builder cut homebuilding costs and other expenses. It also booked millions in revenue buying troubled loans and properties from banks.

The company said it earned $27.4 million, or 14 cents a share, for the period ended Feb. 28. That compares with a loss of $6.5 million, or 4 cents a share, a year ago.

Analysts surveyed by FactSet expected a loss of 5 cents per share.