KB Home reports Q1 home deliveries down 3% from last year at 2,788

Q3 average selling price increased 2% from last year to $494,500. The housing gross profit margin was 21.5%, compared to 22.4%. Excluding the above-mentioned inventory-related charges, the housing gross profit margin decreased 60 basis points to 21.8% from 22.4%, mainly due to slightly higher construction costs and increased homebuyer concessions implemented amid soft housing market conditions. In Q3, ending backlog value was $3.31B, compared to $5.71B last year. Ending backlog units totaled 7,016, compared to 11,886 last year. The company also states: "Net orders of 2,142 and net order value of $1.00 billion decreased 49% and 53%, respectively, as the combination of higher mortgage interest rates, elevated inflation and other macroeconomic and geopolitical concerns continued to temper demand. The Company continued to expand its community count in the first quarter, with ending community count up 23% to 256 and the average community count up 18% to 251."