KB Home Challenged by Growing Resale Housing Inventory
Dow Jones09-23 05:40
1740 ET - An overstocked resale housing industry is eating into KB Home's business, Executive Chair Jeff Mezger says on a call with analysts. Resale inventory, which is the homebuilder's biggest competitor, has increased to its highest levels in a decade, Mezger says. Pricing has started to decline in more of KB Home's markets, as well, with the company's average selling price down in the most recent quarter. Shares decline 2% post-market.
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