Is Supply And Demand Broken? US Home Sales Volume Decreases While Value Increases
Portfolio Pulse from AJ Fabino
US home sales volume decreased by 0.7% in August, marking a 15.3% drop from the previous year, while the median existing-home sales price increased by 3.9% to $407,100. The Midwest was the only region to see an improvement in sales. The inventory of unsold existing homes dipped 0.9% to 1.1 million. In this market, KB Home (NYSE:KBH) reported a third-quarter sales decline of 13.9% year-over-year to $1.59 billion, but beat the analyst consensus estimate.
September 21, 2023 | 6:57 pm
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KB Home reported a third-quarter sales decline of 13.9% year-over-year to $1.59 billion, but beat the analyst consensus estimate. The homes delivered in the quarter saw a 7% decline to 3,375, and the average selling price fell 8.3% to $466,300.
KB Home's sales decline, despite beating analyst estimates, indicates a challenging market environment. The decrease in homes delivered and the average selling price suggests a potential negative impact on the company's short-term stock performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100