1240 ET - KB Home's use of incentives remained consistent throughout 4Q. The homebuilder says about 60% of its net orders in the quarter had some form of mortgage concession with a rate lock or a buydown as buyers dealt with volatile mortgage rates. COO Robert McGibney on an earnings call says the percentage was consistent with levels relative to the past four quarters despite rising rates. "Although our goal is to wind down the use of these incentives as a selling tool, we will use them as needed to support our sales," he adds. Shares rise 2.8% to $65.84 as revenue surged year-over-year. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
January 14, 2025 12:40 ET (17:40 GMT)
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