“It’s crazy. There is no inventory,” the CEO of KB Home told CNN Business.
For wannabe buyers, the shortage of homes on the market, combined with a surge of competition from other purchasers is setting off bidding wars, all-cash offers and no end of sticker shock.
But this one-two punch of very low supply and roaring demand is suiting homebuilders just fine.
“This is the best housing market I’ve seen in my career,” Mezger said. “It’s a good time to be a homebuilder.”
KB Home’s first-quarter profit swelled by 62%. It handled more home transactions than in any first quarter since 2008. The company’s backlog surged by 74% in value, and nearly doubled in the West Coast.
“There isn’t a city we’re in where I would say it’s a tough market,” Mezger said.
Not only is KB Home (KBH) making far more money now than a year ago,
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