Kimball Hill, a Rolling Meadows, Ill.-based home builder, reported that both its total sales and average sales price fell for its fiscal year in preliminary operating results released today.
Kimball Hill delivered 3,246 homes, down 4,079 homes from the 12-month period ending Sept. 30, 2006. Its average sales price for these homes was $257,000, a 7.2% decline from the average sales price last fiscal year.
The average sales price for quarter ending Sept. 30, 2007 dragged down the company's fiscal year results. The average sales price was $248,000, a 9.8% decrease from the average sales price of homes delivered during the fourth fiscal quarter of 2006. The company delivered 977 homes in the quarter compared to 1,400 the year before.
However, there were some positive signs in specific markets. Kimball Hill's average sales price actually increased in Texas, moving from $168,000 in the fourth quarter of 2006 to $176,000 in the fourth quarter of 2007. In fiscal year 2007 compared to fiscal year 2006, Kimball Hill's sales price also rose in both Texas, from $165,000 to $176,000, and Florida, from $250,000 to $256,000.
In fourth quarter 2007, Kimball Hill saw its biggest drop-offs in average sales price in Florida, where prices dropped from $272,000 in the fourth quarter of last year to $220,000, and the Pacific Coast, where the average price fell from $429,000 to $353,000.
Its net new-home orders in the fourth quarter of 2007 compared to the fourth quarter of 2006 rose in Florida, from 77 to 63, and in Nevada, from 56 to 90. They fell off slightly in the Midwest, from 116 to 113, and in Texas, from 291 to 276. The falloff was more dramatic on the Pacific Coast, where net orders plummeted to 64 from 115.
The company's net new-home orders for fiscal year 2007 actually increased in Florida, from 259 to 362, and Nevada, from 368 to 403. They fell off in Texas, from 1,695 units to 1,479, the Midwest, from 602 to 474, and the Pacific Coast, from 443 to 363.
Kimball Hill has its biggest backlog in Texas, with 261 units valued at $148.7 million. The Midwest follows with 153 units totaling $52.4 million in backlog. In Florida, with 74 units at $14 million, the Pacific Coast, 57 units at $18.3 million, and Nevada, 48 units at $15.7 million, the company has fewer units yet to be delivered.
