KB Home sees Q2 housing revenue $1.6B-$1.7B

Sees Q2 average selling price $483,000. Sees Q2 housing gross profit margin 20.5%-21%. Still sees FY24 average selling price $480,000-$490,000. 10.2% Sees FY24 gross margin 21%-21.4%. Says buyers have largely adjusted to rate environment. Says will be requesting additional authorization from board. Says has about 7,000 homes in production. Says solid increase in capture rate. Says cancellation rate improved. Says expects to slightly increase order pace compared to last year’s Q2. Says results speak to demand for home ownership. Says well-positioned to respond to buyer demand. Says absorption pace accelerated as quarter progressed. Comments taken from Q1 earnings conference call.