During the earnings call, KB Home COO Robert McGibney noted a shift in housing markets in Florida and Texas, prompting price cuts to boost sales.
McGibney explained that the decision to lower home prices in specific markets like Austin and San Antonio was effective in increasing sales momentum in August.
The housing inventory levels in Austin, San Antonio, Jacksonville, and Orlando have significantly exceeded pre-pandemic levels, suggesting a cooling market following the pandemic boom.
By August 2024, active housing inventory in Austin was 37% higher than in August 2019, showcasing a dramatic shift in the housing landscape.
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