Revenues rise at KB Home

US house builder KB Home claims the recovery in housing is gaining momentum across the country after it saw revenues rise +17% year-on-year for the nine months to 31 August, to US$ 981.9 million.

However, the company reported a net loss for the period of US$ 66.7 million, albeit an improvement on the net loss of US$ 192.7 million it reported for the same nine months in 2011.

KB Home said the number of homes in its backlog increased +18% year-on-year to 3,142 at 31 August, 2012.

President and chief executive Jeffrey Mezger said, "It is clear that the recovery in housing is gaining momentum across the country as inventory levels are declining and home prices are on the rise. In particular, we are seeing dramatic improvement in California, where we are the state's largest homebuilder, as the continued strengthening in the coastal markets is now spreading inland to Sacramento, the Central Valley and the Inland Empire."