Pursuits
KB Home Sees Return of First-Time Homebuyers in Cheaper Suburbs
- Builder says quarterly earnings jumped 63% from prior year
- Demand strengthening in California’s inland areas, CEO says
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KB Home is getting a surge of buyers in cheaper suburban areas after spending the past few years focusing on costlier locations, the builder’s chief executive officer said.
An increase in purchases in the three months through May helped lift net income 63 percent from a year earlier to $15.6 million, or 17 cents a share, the Los Angeles-based company said in a statement Tuesday. The average estimate of nine analysts was for earnings of 14 cents a share, according to data compiled by Bloomberg.