KB Home Revenues Increase 16 Percent in Q3

Backlog value increases 33 percent to $744.7 million.

KB Home, one of the nation's largest homebuilders, has released results for its third quarter ended August 31, 2012. Highlights and developments include the following:

Three Months Ended August 31, 2012

Revenues increased 16% to $424.5 million, compared to $367.3 million for the third quarter of 2011, reflecting growth in the number of homes delivered and a higher average selling price.

◦ The Company delivered 1,720 homes, up 7% from the year-earlier quarter, with three of the Company's four homebuilding regions posting year-over-year increases.

◦ The overall average selling price of $245,100 rose by $17,700, or 8%, from $227,400 for the year-earlier quarter, marking the ninth consecutive quarter of year-over-year increases, and was up by $12,100, or 5% from $233,000 in the second quarter of 2012.

Compared to the year-earlier quarter, average selling prices increased 14% in the Company's West Coast region, 13% in its Southwest region and 6% in its Southeast region. The average selling price in the Company's Central region was essentially even with the prior year.

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Source: KB Home