LOS ANGELES - KB Home (NYSE: KBH) says revenues increased 16% to $424.5 million, as both the number of homes delivered and selling prices rose.
KB Home says it delivered 1,720 homes, up 7% from the year-earlier quarter. Three of its four homebuilding regions posting year-over-year increases.
The overall average selling price rose $17,700, or 8%, to of $245,100 from $227,400 for the year-earlier quarter, the ninth consecutive quarter of year-over-year increases. Average selling prices increased 14% in the West Coast region, 13% in the Southwest region and 6% in the Southeast. The average selling price in the Company's Central region was essentially even with the prior year.
Net income totaled $3.3 million, up $12.9 million from the net loss of $9.6 million in the year-earlier quarter.
Land and land development spending totaled $337.0 million in the first nine months of 2012, and indication of where it expects to buidl homes. Most of KB Home land-related spending was in California and Texas.
"It is clear that the recovery in housing is gaining momentum across the country as inventory levels are declining and home prices are on the rise," said Jeffrey Mezger, KB Home president and CEO, in an earnings announcement.
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