KB Home's first-quarter revenue rose +23% from the year-ago quarter to $1.40 billion, on the back of +22% growth in average sales prices. Home delivery volume was close to unchanged at 2,868. Those higher prices were enough to cover rising materials costs, as operating margin jumped 2.2 percentage points to 12.2%.
Earnings rose +44% from the year-ago quarter to $1.47 per share.
Backlogs increased +55% year over year to $5.71 billion.
Looking ahead, KB Home projects full-year fiscal 2022 revenue range of $7.2 billion to $7.6 billion, which implies growth of 26% to 33%. Average prices are expected to continue rising to between $490,000 and $500,000.