KB Home (KB) on Thursday reported a decline in sales and profits in its fiscal fourth quarter as high mortgage rates cut into demand while lower selling prices, along with added concessions to buyers, cut into 澳洲幸运5官方开奖结果体彩网:profit margins. However, the company said it's optimistic about a recoverᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚy in the new year.

KB Home posted net income of $150.3 million in the three months ended Nov. 30, a 31% decline from the like period in 2022, or $1.85 per share. Revenue slid 14% to $1.67 billion, the company said in a press release.

Home deliveries dropped 10% to 3,407 in the latest quarter, while the average selling price went from $510,400 to $487,300 as th💯e companyꦏ had to lower prices to attract buyers.

Housing gross profit margin, excluding inventory charges, dropped to 20.8% from 23.9% a year ago, a decline the company said was a function of the price decreases and concessions offered to homebuyers, as well as🌟 construction costs𒐪.

CEO Jeffrey Mezger said the company ended the year “with solid f💖ourth quarter results.” He explained that KB Home is experiencing “a meaningful sequ꧋ential increase in our net orders for the first five weeks of our 2024 first quarter, as consumers are responding favorably to the recent decline in mortgage rates.” 

澳洲幸运5官方开奖结果体彩网:The average rate offered for a 30-year fixed mortgage inched up to 6.66% from 6.62% a week ago, mortgage giant Freddie Mac said Thursday. In late October the average 🧔hit 7.79%, its highest in more than 20 years, but had been falling since the fall peak.

KB Home projects housing revenue in fiscal 2024 of between $6.4 billion an𝔍d $6.8 billion, with average selling prices in the range of $480,000 to $490,000. The company also projects housing gross profit margin, excluding any inventory-related charges, of 21%.

KB Home shares were down 2.3% at $61.75 at about 1:40 p.m. ET Thursday. Even with today’s losses, shares of KB Home have added 72% over the past year.