KB Home Finalizes Two New Land Acquisitions

  KB Home Finalizes Two New Land Acquisitions

Built to Order™ builder purchases land and finished lots in Cibolo and New
Braunfels

Business Wire

SAN ANTONIO -- December 19, 2012

KB Home (NYSE: KBH), one of the nation’s largest and most recognized
homebuilders, today announced that it has recently acquired land and finished
lots yielding more than 700 new homesites along the growing IH-35 corridor
northeast of San Antonio. Model home construction will begin immediately in
Legend Point, a new community in New Braunfels. At the same time, KB Home will
move forward with land development in Landmark Pointe off FM 1103 and Green
Valley Road in Cibolo, with model home construction expected to begin by mid
2013.

“Few areas are hotter now than the northeast corridor, with its proximity to
major employers and great school districts, and KB Home is excited about
opening new home communities in this vibrant and attractive area,” said Brett
Dietz, division president of KB Home in San Antonio. “Both Legend Point and
Landmark Pointe will provide new homebuyers with unique one- and two-story
floor plans along with the Energy Star efficiency and curb appeal that meet
their expectations for quality and value.”

KB Home is under contract to purchase 80 finished and 420 undeveloped lots in
Legend Point. When the community opens in February 2013, new home prices are
expected to start in the $140,000s. The Legend Point community will eventually
include a private amenity center with pool, covered picnic areas and a
playground.

Land development is already underway at Landmark Pointe, with model homes
slated to open during the summer of 2013. Pricing for new homes in Landmark
Pointe is anticipated to start in the $150,000s.

All new KB homes in both communities will be ENERGY STAR® qualified and Built
to Order. With KB Home’s Built to Order experience, homebuyers have their
choice of homesite and floor plan, as well as aesthetic choices like flooring,
cabinetry, faucets and fixtures. Select floor plans can also be customized to
suit homebuyers’ differing needs. For instance, in some plans, a loft space
can be utilized as a home office or entertainment nook, or can be converted
into an additional bedroom and bath.

For more information and to join an interest list, call 888-KB-HOMES or visit
kbhome.com.

About KB Home

KB Home is one of the largest and most recognized homebuilding companies in
the United States. Since its founding in 1957, the company has built more than
half a million quality homes. KB Home's signature Built to Order™ approach
lets each buyer customize their new home from lot location to floor plan and
design features. In addition to meeting strict ENERGY STAR® guidelines, all KB
homes are highly energy efficient to help lower monthly utility costs for
homeowners, which the company demonstrates with its proprietary KB Home Energy
Performance Guide® (EPG®). A leader in utilizing state-of-the-art sustainable
building practices, KB Home was named the #1 Green Homebuilder in the most
recent study by Calvert Investments and the #1 Homebuilder on FORTUNE
magazine's 2011 World's Most Admired Companies list. Los Angeles-based KB Home
was the first homebuilder listed on the New York Stock Exchange, and trades
under the ticker symbol "KBH." For more information about KB Home's new home
communities, call 888-KB-HOMES or visit www.kbhome.com.

Contact:

KB Home
Cathy Teague
210-415-6670 or cteague@kbhome.com