Sales of new homes tanked in May, pushing supply up to a 3-year high
1. New home sales dropped 13.7% in May, impacting KBH's market environment. 2. Mortgage rates around 7% affected buyer activity and affordability. 3. KB Home raised prices despite overall market challenges; competitors lowered theirs. 4. Supply of new homes reached a 9.8-month high, suggesting reduced demand. 5. Consumer confidence remains low due to economic uncertainties, limiting housing demand.