Exhibit 99.1

Shea Homes Reports Second Quarter 2013 Results

Walnut, Calif., July 31, 2013

Shea Homes, one of America’s largest private homebuilders, today reported results for the second quarter ended June 30, 2013.

Three Months Ended 6/30/13 Highlights and Comparisons to Three Months Ended 6/30/12

Six Months Ended 6/30/13 Highlights and Comparisons to Six Months Ended 6/30/12

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“Our strong second quarter results reflect our well-positioned lot supply in some of the nation’s most vibrant housing markets,” said Bert Selva, President and CEO of Shea Homes. “Our closings, revenue, backlog and margins increased considerably from last year. Although new orders were down this quarter as a result of a lower community count, they outpaced our internal expectations and were consistent with our focus on maximizing profitability. We have favorable land positions in supply-constrained markets and we will continue to capitalize on our pricing power. Additionally, we expanded our geographic footprint to now include Houston, one of the largest and fastest-growing housing markets in the country.”

“We will continue our disciplined approach to managing our business, including land acquisitions, optimizing gross margins and controlling overhead costs. Our margins and SG&A expense rates have been among the best in the industry and we will continue to focus our efforts on improving these areas.”

New home sales orders decreased 12% year over year for the 2013 second quarter, the result of a 14% lower number of active selling communities. We had a lower community count year over year in all of our regions except the Mountain West segment. Despite lower sales orders, home sales per community for the 2013 second quarter were 3.2 per month compared to 3.1 per month for 2012 and units in backlog at the end of the June 2013 were 18% higher compared to June 2012.

For the 2013 second quarter, net income (loss) attributable to Shea Homes was $19.5 million compared to $(12.1) million in 2012, primarily due to a $23.9 million improvement in gross margin (from higher revenues and higher gross margin percentages), a $4.5 million decrease in interest expense and a $7.4 million reduction in the gain (loss) on our reinsurance transaction (actuarial adjustment decreased from $(8.2) million in 2012 to $(0.8) million in 2013). These improvements were partially offset by a $2.5 million increase in general and administrative expenses and a $2.6 million increase in selling expenses.

For the 2013 second quarter, total revenues were $217.3 million compared to $132.5 million in 2012, a 64% increase, and house revenues for the 2013 second quarter were $212.4 million* compared to $127.1 million* in 2012, a 67% increase. The increase in house revenues was primarily due to a 50% increase in home closings to 460 and a 12% increase in average selling price to $462,000. Home closings increased year over year in all segments and was driven primarily as a result of a 98% higher backlog at the beginning of 2013 versus the beginning of 2012. The increase in the average selling price of homes closed was primarily due to price increases in all of our segments, which was partially offset by a shift to lower-priced homes closed in our San Diego and Northern California segments.

Total gross margin for the 2013 second quarter was 22.3% compared to 18.5% in 2012, a 380 basis point (bp) increase, and house gross margin for the 2013 second quarter was 22.5%* compared to 19.5%* in 2012, a 300 bp increase. The increase in house gross margin percentage reflected the increase in home prices in each of our markets, partially offset by higher labor and material costs.

SG&A expense for the 2013 second quarter was $26.9 million (12.4% of revenues) compared to $21.8 million (16.4% of revenues) in 2012. As a percentage of revenue, the decrease was the result of leveraging our G&A expenses over a higher level of revenues. The nominal increase was primarily attributable to higher volume related costs and higher compensation expenses.

Interest incurred for the 2013 second quarter was $16.8 million compared to $16.7 million in 2012, while interest expense for the 2013 second quarter was $1.4 million versus $5.9 million in 2012. The 76% decrease in interest expense for the 2013 second quarter was due to a higher level of qualified inventory for interest capitalization.

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Net operating cash flows for the 2013 second quarter were $(80.2) million compared to $(43.4) million in 2012. The decrease was primarily due to increased land acquisitions, land development and construction costs, partially offset by increased cash receipts from home closings. Land acquisitions and land development costs for the 2013 second quarter were $143.5 million compared to $37.1 million in 2012. House construction costs for the 2013 second quarter were $99.3 million compared to $65.2 million in 2012. Cash receipts from homes closed for the 2013 second quarter were $212.4 million compared to $127.1 million in 2012.

For the 2013 six months, net income (loss) attributable to Shea Homes was $26.4 million compared to $(12.5) million, primarily due to a 48% increase in revenues and a 380 bp higher gross margin percentage. In addition, interest expense decreased $7.4 million (due to a higher level of qualified inventory) and the gain (loss) on our reinsurance transaction decreased from $(7.3) million in 2012 to $(0.2) million in 2013 due to a 2012 actuarial adjustment to our loss reserves on completed operations policies that were reinsured in 2009. These improvements were partially offset by a $9.7 million increase in SG&A, primarily attributable to higher volume related costs and compensation expenses. As a percentage of revenue, SG&A for the 2013 six months was 13.9% compared to 16.5% for the 2012 six months. As a percentage of revenue, the decrease was the result of leveraging our G&A over higher revenues.

Net operating cash flows for the 2013 six months were $(108.2) million compared to $(33.7) million in 2012. The decrease was primarily due to increased land acquisitions, land development and construction costs, partially offset by increased cash receipts from home closings. Land acquisitions and land development costs for the 2013 six months were $188.3 million compared to $60.8 million in 2012. House construction costs for the 2013 six months were $176.0 million compared to $103.0 million in 2012. Cash receipts from homes closed for the 2013 second quarter were $343.9 million compared to $228.0 million in 2012.

About Shea Homes Limited Partnership

Shea Homes is one of the largest private homebuilders in the nation. Since its founding in 1968, Shea Homes has closed more than 90,000 homes. Shea Homes builds homes with quality craftsmanship and designs that fit varied lifestyles and budgets. Over the past several years, Shea Homes has been recognized as a leader in customer satisfaction with a reputation for design, quality and service. For more about Shea Homes and its communities, visit www.sheahomes.com.

The preceding summary of the financial results of Shea Homes Limited Partnership and its subsidiaries does not purport to be complete and is qualified in its entirety by reference to the consolidated financial statements of Shea Homes Limited Partnership and its subsidiaries, available on our website at: http://www.sheahomes.com/investor.

This news release contains forward-looking statements and information relating to Shea Homes Limited Partnership and its subsidiaries, such as improving housing market conditions, the strength of our housing markets, our well positioned lot supply, our future operating strategy, our ability to optimize house gross margins, and our ability to control overhead cost, which are based on the beliefs of, as well as assumptions made by, and information currently available to, our management. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “anticipate,” “appear” and “project” and similar expressions, as they relate to Shea Homes Limited Partnership and its subsidiaries are intended to identify forward-looking statements. These statements reflect our management’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions of future events that may not prove to be accurate. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of Shea Homes Limited Partnership’s and its subsidiaries’ control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. Such factors include but are not limited to: changes in employment levels; changes in the availability of financing for homebuyers; changes in interest rates; changes in consumer confidence; changes in levels of new and existing homes for sale; changes in demographic trends; changes in housing demands; changes in home prices; elimination or reduction of the tax benefits associated with owning a home; litigation risks associated with home warranty and construction defect and other claims; and various other factors, both referenced and not referenced above, and included in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements may vary materially from those described as anticipated, believed, estimated, expected, intended, planned or projected. Except as required by law, Shea Homes Limited Partnership and its subsidiaries neither intend nor assume any obligation to revise or update these forward-looking statements, which speak only as of their dates. Shea Homes Limited Partnership and its subsidiaries nonetheless reserve the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Contact: Andrew Parnes, CFO @ 909-594-0954 or andy.parnes@sheahomes.com

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KEY OPERATIONAL AND FINANCIAL DATA

(dollars in thousands)

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CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

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SEGMENT OPERATING DATA

(dollars in thousands)

(unaudited)

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SEGMENT OPERATING DATA (continued)

(unaudited)

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands)

(unaudited)

In this earnings release, we utilize certain financial measures that, in each case, are not recognized under GAAP. We present these measures because we believe they and similar measures are useful to investors in evaluating a company’s operating performance and financing structure and, in certain cases, because they could be used to determine compliance with contractual covenants or as one measure of the Company’s ability to service debt and obtain financing. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with GAAP, they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

The following table reconciles revenues, cost of sales and gross margins, as reported and prepared in accordance with GAAP, to the non-GAAP measures house revenues, house cost of sales, house gross margin and house gross margin percentage, which exclude land sales, impairment charges and other transactions, and to adjusted house revenues, adjusted house cost of sales, adjusted house gross margin and adjusted house gross margin percentage, which add back interest in cost of sales.