The company delivered a total of 2,152 homes during the quarter, down 3.2% compared to last year. The average selling price declined 5% to $370,900 due primarily to a shift in geographic mix of homes delivered and a lower average selling price in the company’s West Coast region.
Net orders for the first quarter fell 4% to 2,675, and net order value dropped 13% to $1.02 billion. The number of homes in ending backlog decreased 6.9% to 4,631 and ending backlog value plunged 16% to $1.66 billion. The decrease in backlog value reflects fewer homes in backlog and the lower average selling price of those homes due to a shift in geographic mix.
The company had total liquidity of $978.5 billion as of February 28, 2019, including cash and cash equivalents of $511.7 million. Inventories increased by 3% to $3.68 billion. Stockholders’ equity increased by 2% to $2.13 billion from November 30, 2018.
Shares of KB Home ended Wednesday’s regular session up 0.88% at $24.08 on the NYSE. The stock has fallen over 15% in the past year while it has risen over 24% in the past three months.