Contracts to buy previously owned homes grew last month, reversing January's decline as the housing market is continuing to improve, Reuters reports.
The National Association of Realtors reported a 3.5% increase in pending home sales to 109.1 in February, the highest level in seven months.
A survey of economists by Thomson Reuters had estimated for a rise of 1.2%, while contracts were up by 0.7% from last year.
KB Home is a Los Angeles-based homebuilding company that constructs and sells homes through its operating divisions under the KB Home brand.
Homebuilding stocks are mixed this afternoon with some soaring in the green and others tumbling into the red.
Separately, TheStreet Ratings has set a "hold" rating and a score of C on KB Home stock. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, attractive valuation levels and increase in net income. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including generally higher debt management risk, disappointing return on equity and a generally disappointing performance in the stock itself.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: KBH