Hovnanian Enterprises (HOV) 10-Q 1 Mar 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares		3 Months Ended
		Jan. 31, 2024	Feb. 28, 2024
Document Information [Line Items]
Entity Central Index Key		0000357294
Entity Registrant Name		HOVNANIAN ENTERPRISES INC
Amendment Flag		false
Current Fiscal Year End Date		--10-31
Document Fiscal Period Focus		Q1
Document Fiscal Year Focus		2024
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date		Jan. 31, 2024
Document Transition Report		false
Entity File Number		1-8551
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		22-1851059
Entity Address, Address Line One		90 Matawan Road, 5th Floor
Entity Address, City or Town		Matawan
Entity Address, State or Province		NJ
Entity Address, Postal Zip Code		07747
City Area Code		732
Local Phone Number		747-7800
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Filer Category		Accelerated Filer
Entity Small Business		false
Entity Emerging Growth Company		false
Entity Shell Company		false
Preferred Stock Purchase Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	[1]	Preferred Stock Purchase Rights
Security Exchange Name		NYSE
No Trading Symbol Flag		true
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			749,065
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security		Class A Common Stock, $0.01 par value per share
Trading Symbol		HOV
Security Exchange Name		NYSE
Entity Common Stock, Shares Outstanding			5,346,595
Depository Shares [Member]
Document Information [Line Items]
Title of 12(b) Security		Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock
Trading Symbol		HOVNP
Security Exchange Name		NASDAQ
[1]Each share of Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Current Period Unaudited) - USD ($) $ in Thousands	Jan. 31, 2024	Oct. 31, 2023
Inventories:
Deferred tax assets, net	$ 295,332	$ 302,833
Total assets	2,340,378	2,492,940
LIABILITIES AND EQUITY
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)	934,617	1,051,491
Income taxes payable	2,583	1,861
Total liabilities	1,733,290	1,911,151
Hovnanian Enterprises, Inc. stockholders' equity:
Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at January 31, 2024 and October 31, 2023	135,299	135,299
Paid in capital - common stock	740,063	735,946
Accumulated deficit	(135,962)	(157,197)
Treasury stock - at cost – 901,379 shares of Class A common stock at January 31, 2024 and October 31, 2023; 27,669 shares of Class B common stock at January 31, 2024 and October 31, 2023	(132,382)	(132,382)
Total Hovnanian Enterprises, Inc. stockholders’ equity	607,088	581,736
Noncontrolling interest in consolidated joint ventures	0	53
Total equity	607,088	581,789
Total liabilities and equity	2,340,378	2,492,940
Common Class A [Member]
Hovnanian Enterprises, Inc. stockholders' equity:
Common stock	62	62
Common Class B [Member]
Hovnanian Enterprises, Inc. stockholders' equity:
Common stock	8	8
Home Building [Member]
ASSETS
Cash and cash equivalents	183,118	434,119
Restricted cash and cash equivalents	8,369	8,431
Inventories:
Sold and unsold homes and lots under development	1,092,347	998,841
Land and land options held for future development or sale	173,134	125,587
Consolidated inventory not owned	198,077	224,758
Total inventories	1,463,558	1,349,186
Investments in and advances to unconsolidated joint ventures	110,592	97,886
Receivables, deposits and notes, net	24,208	27,982
Property and equipment, net	37,441	33,946
Prepaid expenses and other assets	68,127	69,886
Total assets excluding deferred tax assets, net	1,895,413	2,021,436
LIABILITIES AND EQUITY
Nonrecourse mortgages, net of debt issuance costs	99,553	91,539
Accounts payable and other liabilities	360,207	415,480
Customers’ deposits	51,798	51,419
Liabilities from inventory not owned, net of debt issuance costs	114,658	124,254
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)	934,617	1,051,491
Accrued interest	41,472	26,926
Total liabilities excluding income taxes payable	1,602,305	1,761,109
Financial Services [Member]
Inventories:
Total assets excluding deferred tax assets, net	149,633	168,671
LIABILITIES AND EQUITY
Total liabilities excluding income taxes payable	$ 128,402	$ 148,181

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jan. 31, 2024	Oct. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	5,600	5,600
Preferred stock, shares outstanding (in shares)	5,600	5,600
Preferred stock, liquidation preference	$ 140,000	$ 140,000
Common Class A [Member]
Common stock, shares authorized (in shares)	16,000,000	16,000,000
Common stock, shares issued (in shares)	6,247,939	6,247,308
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares held in Treasury (in shares)	901,379	901,379
Common Class B [Member]
Common stock, shares authorized (in shares)	2,400,000	2,400,000
Common stock, shares issued (in shares)	776,734	776,750
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares held in Treasury (in shares)	27,669	27,669

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Jan. 31, 2024	Jan. 31, 2023
Revenues		$ 594,196	$ 515,366
Inventory impairments and land option write-offs		302	477
Corporate general and administrative		37,133	25,490
Other interest	[1]	10,451	15,093
Other expenses, net		551	386
Total expenses		577,956	504,479
Gain on extinguishment of debt, net		1,371	0
Income from unconsolidated joint ventures		14,952	7,160
Income before income taxes		32,563	18,047
Tax provision (benefit)		8,659	(669)
Net income		23,904	18,716
Less: preferred stock dividends		2,669	2,669
Net income available to common stockholders		$ 21,235	$ 16,047
Net income per common share (in dollars per share)		$ 3.11	$ 2.37
Weighted-average number of common shares outstanding basic (in shares)		6,496	6,186
Net income per common share (in dollars per share)		$ 2.91	$ 2.26
Weighted-average number of common shares outstanding (in shares)		6,937	6,468
State and Local Jurisdiction [Member]
Tax provision (benefit)		$ 2,206	$ 2,211
Domestic Tax Authority [Member]
Tax provision (benefit)		6,453	(2,880)
Home Building [Member]
Revenues		578,928	503,202
Cost of sales, excluding interest		449,213	391,040
Cost of sales interest		19,898	15,022
Inventory impairments and land option write-offs		302	477
Total cost of sales		469,413	406,539
Selling, general and administrative		48,937	47,918
Total expenses excluding Corporate general and administrative, Other interest and Other expenses, net		518,350	454,457
Home Building [Member] | Sale of homes [Member]
Revenues		573,636	499,645
Home Building [Member] | Land Sales and Other Revenues [Member]
Revenues		5,292	3,557
Financial Services [Member]
Revenues		15,268	12,164
Total expenses excluding Corporate general and administrative, Other interest and Other expenses, net		$ 11,471	$ 9,053
[1] Other interest expensed includes interest that does not not 3.7 three months ended January 31, 2024 2023 not 6.8 three months ended January 31, 2024 2023

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Stock Outstanding [Member]	Common Stock Outstanding [Member] Common Class A [Member]	Common Stock Outstanding [Member] Common Class B [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]
Balance (in shares) at Oct. 31, 2022				5,376,985	705,705	5,600
Balance at Oct. 31, 2022	$ 383,051			$ 62	$ 7	$ 135,299	$ 727,663	$ (352,413)	$ (127,582)	$ 15
Stock options, amortization and issuances (in shares)				209
Stock options, amortization and issuances	8						8
Preferred dividend declared ($476.56 per share)	(2,669)							(2,669)
Restricted stock amortization, issuances and forfeitures (in shares)				18,051	14,620
Restricted stock amortization, issuances and forfeitures	1,487						1,487
Changes in noncontrolling interest in consolidated joint ventures	4									4
Share repurchases (in shares)		(118,478)		(118,478)
Share repurchases	(4,800)	$ (4,800)							(4,800)
Net income	18,716							18,716
Balance (in shares) at Jan. 31, 2023				5,276,767	720,325	5,600
Balance at Jan. 31, 2023	395,797			$ 62	$ 7	$ 135,299	729,158	(336,366)	(132,382)	19
Balance (in shares) at Oct. 31, 2023				5,345,929	749,081	5,600
Balance at Oct. 31, 2023	581,789			$ 62	$ 8	$ 135,299	735,946	(157,197)	(132,382)	53
Stock options, amortization and issuances (in shares)				615
Stock options, amortization and issuances	46						46
Preferred dividend declared ($476.56 per share)	(2,669)							(2,669)
Restricted stock amortization, issuances and forfeitures	4,071						4,071
Conversion of Class B to Class A common stock (in shares)				16	(16)
Conversion of Class B to Class A common stock
Changes in noncontrolling interest in consolidated joint ventures	(53)									(53)
Share repurchases (in shares)		0
Net income	23,904							23,904
Balance (in shares) at Jan. 31, 2024				5,346,560	749,065	5,600
Balance at Jan. 31, 2024	$ 607,088			$ 62	$ 8	$ 135,299	$ 740,063	$ (135,962)	$ (132,382)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Dividend per share (in dollars per share)	$ 476.56	$ 476.56

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities:
Net income	$ 23,904	$ 18,716
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	1,598	1,410
Stock-based compensation	4,073	2,070
Amortization of debt discounts, premiums and deferred financing costs	214	330
Gain on sale of property and assets	(41)	(14)
Income from unconsolidated joint ventures	(14,952)	(7,160)
Distributions of earnings from unconsolidated joint ventures	1,010	692
Gain on extinguishment of debt	(1,371)	0
Inventory impairments and land option write-offs	302	477
(Increase) decrease in assets:
Inventories	(114,674)	11,669
Receivables, deposits and notes	4,694	5,772
Origination of mortgage loans	(306,156)	(215,477)
Sale of mortgage loans	337,346	251,923
Deferred tax assets	7,501	(2,576)
(Decrease) increase in liabilities:
Accounts payable, accrued interest and other liabilities	(33,553)	(98,125)
Customers’ deposits	379	(2,777)
State income tax payable	722	1,824
Net cash used in operating activities	(89,004)	(31,246)
Cash flows from investing activities:
Proceeds from sale of property and assets	43	69
Purchase of property, equipment, and other fixed assets	(5,442)	(3,740)
Investment in and advances to unconsolidated joint ventures, net of reimbursements	0	(22,238)
Distributions of capital from unconsolidated joint ventures	1,278	2,633
Net cash used in investing activities	(4,121)	(23,276)
Cash flows from financing activities:
Proceeds from mortgages and notes	78,867	57,704
Payments related to mortgages and notes	(71,257)	(68,958)
Proceeds from model sale leaseback financing programs	0	1,310
Payments related to model sale leaseback financing programs	(5,907)	(3,303)
Proceeds from land bank financing programs	18,407	21,317
Payments related to land bank financing programs	(22,296)	(12,553)
Net payments related to mortgage warehouse lines of credit	(27,004)	(35,971)
Payments related to senior secured notes	(113,502)	0
Preferred dividends paid	(2,669)	(2,669)
Treasury stock purchases	0	(4,800)
Deferred financing costs from land banking financing programs and note issuances	(910)	(464)
Net cash used in financing activities	(146,271)	(48,387)
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents	(239,396)	(102,909)
Cash and cash equivalents, and restricted cash and cash equivalents balance, beginning of period	477,519	382,190
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period	238,123	279,281
Supplemental disclosures of cash flows:
Interest, net of capitalized interest	(2,965)	(3,904)
Income taxes	435	84
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period	238,123	279,281
Home Building [Member]
Supplemental disclosures of cash flows:
Cash and cash equivalents	183,118	234,929
Restricted cash and cash equivalents	8,369	8,154
Financial Services [Member]
Supplemental disclosures of cash flows:
Cash and cash equivalents	4,522	4,682
Restricted cash and cash equivalents	$ 42,114	$ 31,516

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Jan. 31, 2024
Basis of Presentation
Basis of Presentation	1. Basis of Presentation Hovnanian Enterprises, Inc. (“HEI”) conducts all of its homebuilding and financial services operations through its subsidiaries (references herein to the “Company,” “we,” “us” or “our” refer to HEI and its consolidated subsidiaries and should be understood to reflect the consolidated business of HEI’s subsidiaries). The accompanying unaudited Condensed Consolidated Financial Statements include HEI's accounts and those of all of its consolidated subsidiaries after elimination of all intercompany balances and transactions. Noncontrolling interest represents the proportionate equity interest in a consolidated joint venture that is not 100% owned by the Company directly or indirectly, which we sold our membership interest in during the first quarter of fiscal 2024. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 10 X, not 10 October 31, 2023. not

Note 2 - Stock Compensation

Note 2 - Stock Compensation	3 Months Ended
	Jan. 31, 2024
Stock Compensation
Stock Compensation	2. Stock Compensation During the first 2024, “2024 2024 November 1, 2023 October 31, 2026. two For the three months ended January 31, 2024 and 2023, stock-based compensation expense was $4.1 million ($3.0 million net of tax) and $2.1 million (pre and post-tax), respectively

Note 3 - Interest

Note 3 - Interest	3 Months Ended
	Jan. 31, 2024
Interest
Interest	3. Interest Interest costs incurred, expensed and capitalized were as follows: Three Months Ended January 31, (In thousands) 2024 2023 Interest capitalized at beginning of period $ 52,060 $ 59,600 Plus interest incurred(1) 31,961 34,326 Less cost of sales interest expensed (19,898 ) (15,022 ) Less other interest expensed(2) (10,451 ) (15,093 ) Less interest contributed to unconsolidated joint venture(3) - (3,016 ) Interest capitalized at end of period(4) $ 53,672 $ 60,795 ( 1 Data does not ( 2 Other interest expensed includes interest that does not not 3.7 three months ended January 31, 2024 2023 not 6.8 three months ended January 31, 2024 2023 (3) Represents capitalized interest which was included as part of the assets contributed to joint ventures, as discussed in Note 18. no (4) Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.

Note 4 - Reduction of Inventory

Note 4 - Reduction of Inventory to Fair Value	3 Months Ended
	Jan. 31, 2024
Reduction of Inventory to Fair Value
Reduction of Inventory to Fair Value	4. Reduction of Inventory to Fair Value We had 403 and 361 communities under development and held for future development or sale at January 31, 2024 and 2023, respectively, which we evaluated for impairment indicators. We did not three January 31, 2024 2023 Write-offs of options, engineering and capitalized interest costs are recorded in "Inventory impairments and land option write-offs" when we redesign communities, abandon certain engineering costs or do not exercise options in various locations because the pro forma profitability is not projected to produce adequate returns on investment commensurate with the risk. Total aggregate write-offs related to these items were $0.3 million and $0.5 million for the three months ended January 31, 2024 2023 three months ended January 31, 2024 2023 2024 2023 . We sell and lease back certain of our model homes with the right to participate in the potential profit when each home is sold to a third- January 31, 2024 October 31, 2023 not not We have land banking arrangements, whereby we sell our land parcels to a land banker and they provide us an option to purchase back finished lots on a predetermined schedule. Because of our options to repurchase these parcels, these transactions are considered a financing rather than a sale. Our Condensed Consolidated Balance Sheets at January 31, 2024 October 31, 2023 not not

Note 5 - Variable Interest Enti

Note 5 - Variable Interest Entities	3 Months Ended
	Jan. 31, 2024
Variable Interest Entities
Variable Interest Entities	5. Variable Interest Entities We enter into land and lot option purchase contracts to procure land or lots for the construction of homes. Under these contracts, the Company will fund a stated deposit in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Under the terms of the option purchase contracts, many of the option deposits are not refundable at the Company's discretion. Under the requirements of ASC 810, certain option purchase contracts may result in the creation of a Variable Interest Entity ("VIE") that owns the land parcel under option. Although the Company does not have legal title to the underlying land, we analyze our option purchase contracts to determine whether the corresponding land and lot sellers are VIEs and, if so, whether we are the primary beneficiary. The significant factors we consider in determining if the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared include, among other things, our ability in determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, changing the terms of the contract or arranging financing for the VIE. As a result of our analyses, we have concluded, there are no VIEs that required consolidation at either January 31, 2024 October 31, 2023 We will continue to secure land and lots using options, some of which are with VIEs where we have determined power is shared among the partners and we do not have a controlling financial interest. Including deposits on our unconsolidated VIEs, at January 31, 2024 October 31, 2023

Note 6 - Warranty Costs

Note 6 - Warranty Costs	3 Months Ended
	Jan. 31, 2024
Warranty Costs
Warranty Costs	6. Warranty Costs We accrue for warranty costs that are covered under our existing general liability and construction defect policy as part of our general liability insurance deductible. For homes to be delivered in fiscal 2024 2023 2024 2023 not three months ended January 31, 2024 2023 Three Months Ended January 31, (In thousands) 2024 2023 Balance, beginning of period $ 98,919 $ 97,718 Additions – Selling, general and administrative 2,547 1,577 Additions – Cost of sales 2,868 1,303 Charges incurred during the period (6,644 ) (8,802 ) Changes to pre-existing reserves 2,146 (729 ) Balance, end of period $ 99,836 $ 91,067

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingent Liabilities	3 Months Ended
	Jan. 31, 2024
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	7. Commitments and Contingent Liabilities We are involved in litigation arising in the ordinary course of business, none of which is expected to have a material adverse effect on our financial position, results of operations or cash flows, and we are subject to extensive and complex laws and regulations that affect the development of land and home building, sales and customer financing processes, including zoning, density, building standards and mortgage financing. These laws and regulations often provide broad discretion to the administering governmental authorities. This can delay or increase the cost of development or homebuilding. The significant majority of our litigation matters are related to construction defect claims. Our estimated losses from construction defect litigation matters, if any, are included in our construction defect reserves. We also are subject to a variety of local, state, federal and foreign laws and regulations concerning protection of health and the environment, including those regulating the emission or discharge of materials into the environment, the management of storm water runoff at construction sites, the handling, use, storage and disposal of hazardous substances, impacts to wetlands and other sensitive environments, and the remediation of contamination at properties that we have owned or developed or currently own or are developing (“environmental laws”). The particular environmental laws that apply to a site may vary greatly according to the community site, for example, due to the community, the environmental conditions at or near the site, and the present and former uses of the site. These environmental laws may result in delays, may cause us to incur substantial compliance, remediation and/or other costs, and can prohibit or severely restrict development and homebuilding activity. In addition, noncompliance with these laws and regulations could result in fines and penalties, obligations to remediate or take corrective action, permit revocations or other sanctions; and contamination or other environmental conditions at or in the vicinity of our developments may result in claims against us for personal injury, property damage or other losses. We anticipate that increasingly stringent requirements will continue to be imposed on developers and homebuilders in the future. In addition, some of these laws and regulations that significantly affect how certain properties may be developed are contentious, attract intense political attention, and may be subject to significant changes over time. For example, regulations governing wetlands permitting under the federal Clean Water Act have been the subject of extensive rulemakings for many years, resulting in several major joint rulemakings by the EPA and the U.S. Army Corps of Engineers that have expanded and contracted the scope of wetlands subject to regulation; and such rulemakings have been the subject of many legal challenges, some of which remain pending. It is unclear how these and related developments, including at the state or local level, ultimately may affect the scope of regulated wetlands where we operate. Although we cannot reliably predict the extent of any effect these developments regarding wetlands, or any other requirements that may take effect, may have on us, they could result in time-consuming and expensive compliance programs and in substantial expenditures, which could cause delays and increase our cost of operations. In addition, our ability to obtain or renew permits or approvals and the continued effectiveness of permits already granted or approvals already obtained is dependent upon many factors, some of which are beyond our control, such as changes in policies, rules and regulations and their interpretations and application. In 2015 Four In December 2020, the New Jersey Department of Environmental Protection ("NJDEP") and the Administrator of the New Jersey Spill Compensation Fund (the “Spill Fund”) filed a lawsuit in the Superior Court of New Jersey, Law Division, Union County against Hovnanian Enterprises, Inc., in addition to other unrelated parties, in connection with contamination at Hickory Manor, a residential condominium development. Alleged predecessors of certain defendants had used the Hickory Manor property for decades for manufacturing purposes. In 1998 1999 one 2009

Note 8 - Cash Equivalents, Rest

Note 8 - Cash Equivalents, Restricted Cash and Customers' Deposits	3 Months Ended
	Jan. 31, 2024
Cash Equivalents, Restricted Cash and Customers' Deposits
Cash Equivalents, Restricted Cash and Customers' Deposits	8. Cash Equivalents, Restricted Cash and Customers' Deposits Cash equivalents include certificates of deposit, U.S. Treasury bills and government money–market funds with maturities of 90 may, January 31, 2024 October 31, 2023 Homebuilding "Restricted cash and cash equivalents" on the Condensed Consolidated Balance Sheets totaled $8.4 million at both January 31, 2024 October 31, 2023 12 Financial services restricted cash and cash equivalents, which are included in "Financial services" assets January 31, 2024 October 31, 2023 1 October 31, 2023 2 January 31, 2024 October 31, 2023 Homebuilding "Customers' deposits" are shown as a liability on the Condensed Consolidated Balance Sheets. These liabilities are significantly more than the applicable periods’ restricted cash balances because in some states the deposits are not

Note 9 - Leases

Note 9 - Leases	3 Months Ended
	Jan. 31, 2024
Leases
Leases	9. Leases We rent certain office space for use in our operations. Our lease population at January 31, 2024 Lease costs are included in our Condensed Consolidated Statements of Operations, primarily in "Selling, general and administrative" homebuilding expenses, and payments on our lease liabilities are presented in the table below. Three Months Ended January 31, (In thousands) 2024 2023 Operating lease costs $ 2,633 $ 2,859 Cash payments on lease liabilities $ 2,238 $ 2,386 Operating right-of-use lease assets ("ROU assets") are included in " Prepaid expenses and other assets " Accounts payable and other liabilities (In thousands) January 31, 2024 October 31, 2023 ROU assets $ 23,833 $ 25,745 Lease liabilities $ 25,174 $ 26,470 Weighted-average remaining lease term (in years) 5.1 5.1 Weighted-average discount rate 10.0 % 10.0 % Maturities of our operating lease liabilities as of January 31, 2024 Fiscal Year Ending October 31, (In thousands) 2024 ( excluding the three months ended January 31, 2024 $ 6,341 2025 8,100 2026 6,610 2027 4,389 2028 1,838 2029 and thereafter 4,871 Total operating lease payments (1) 32,149 Less: imputed interest (6,975 ) Present value of operating lease liabilities $ 25,174 ( 1 Lease payments include options to extend lease terms that are reasonably certain of being executed and exclude $2.9 million of legally binding minimum lease payments for office leases signed but not January 31, 2024 not

Note 10 - Mortgage Loans Held f

Note 10 - Mortgage Loans Held for Sale	3 Months Ended
	Jan. 31, 2024
Mortgage Loans Held for Sale
Mortgage Loans Held for Sale	10. Mortgage Loans Held for Sale Our wholly owned mortgage banking subsidiary, K. Hovnanian American Mortgage, LLC (“K. Hovnanian Mortgage”), originates mortgage loans, primarily from the sale of our homes. Such mortgage loans are sold in the secondary mortgage market within a short period of time of origination. Mortgage loans held for sale are collateralized by the underlying property. Loans held for sale are recorded at fair value with changes in the value recognized in the Condensed Consolidated Statements of Operations in “Financial services” revenue. We use forward sales of mortgage-backed securities (“MBS”), interest rate commitments from borrowers and forward commitments to sell loans to third At January 31, 2024 October 31, 2023 11 may not January 31, 2024 October 31, 2023 10 not The activity in our loan origination reserves during the three months ended January 31, 2024 2023 Three Months Ended January 31, (In thousands) 2024 2023 Loan origination reserves, beginning of period $ 2,013 $ 1,795 Provisions for losses during the period 46 32 Adjustments to pre-existing provisions for losses from changes in estimates - - Loan origination reserves, end of period $ 2,059 $ 1,827

Note 11 - Mortgages

Note 11 - Mortgages	3 Months Ended
	Jan. 31, 2024
Disclosure of Mortgage Loans [Abstract]
Mortgages	11. Mortgages Nonrecourse We have nonrecourse mortgage loans for certain communities totaling $99.6 million and $91.5 million, net of debt issuance costs, at January 31, 2024 October 31, 2023 January 31, 2024 October 31, 2023 Mortgage Loans K. Hovnanian Mortgage originates mortgage loans primarily from the sale of our homes. Such mortgage loans and related servicing rights are generally sold in the secondary mortgage market within a short period of time. K. Hovnanian Mortgage finances the origination of mortgage loans through various master repurchase agreements, which are recorded in "Financial services" liabilities on the Condensed Consolidated Balance Sheets. Our secured Master Repurchase Agreement with JPMorgan Chase Bank, N.A. (“Chase Master Repurchase Agreement”) which is a short-term borrowing facility, was amended on January 31, 2024 to reduce the borrowing limit from $75.0 million to $50.0 million and to extend its maturity to January 31, 2025. January 31, 2024 October 31, 2023 K. Hovnanian Mortgage has another secured Master Repurchase Agreement with Customers Bank (“Customers Master Repurchase Agreement”) which is a short-term borrowing facility that provides up to $50.0 million through its maturity on March 6, 2024, which we expect to be renewed for a one year term . January 31, 2024 October 31, 2023 K. Hovnanian Mortgage has another secured Master Repurchase Agreement with Flagstar Bank, N.A. ("Flagstar Master Repurchase Agreement") which is a short-term borrowing facility that provides up to $50.0 million through its maturity on January 10, 2025. The loan is secured by the mortgages held for sale and is repaid when we sell the underlying mortgage loans to permanent investors. Interest is payable daily or as loans are sold to permanent investors on outstanding advances at the current SOFR, subject to a floor of 1.0%, plus the applicable margin ranging from 1.82% to 5.0% based on the type of loan and the number of days outstanding on the line. As of January 31, 2024 there were no borrowings outstanding under the Flagstar Master Repurchase Agreement. K. January 10, 2024. The 15 30 %, plus the applicable margin of % or % based upon the type of loan. At October 31, 2023 the aggregate principal amount of all borrowings outstanding under the million. The borrowings outstanding were paid off at maturity. The Chase Master Repurchase Agreement, Customers Master Repurchase Agreement and Flagstar Master Repurchase Agreement (together, the “Master Repurchase Agreements”) require K. Hovnanian Mortgage to satisfy and maintain specified financial ratios and other financial condition tests. Because of the extremely short period of time mortgages are held by K. Hovnanian Mortgage before the mortgages are sold to investors (generally a period of a few weeks), the immateriality to us on a consolidated basis, the size of the Master Repurchase Agreements, the levels required by these financial covenants, our ability based on our immediately available resources to contribute sufficient capital to cure any default, were such conditions to occur, and our right to cure any conditions of default based on the terms of the applicable agreement, we do not January 31, 2024

Note 12 - Senior Notes and Cred

Note 12 - Senior Notes and Credit Facilities	3 Months Ended
	Jan. 31, 2024
Senior Notes and Credit Facilities
Senior Notes and Credit Facilities	12. Senior Notes and Credit Facilities Senior notes and credit facilities January 31, 2024 October 31, 2023 January 31, October 31, (In thousands) 2024 2023 Senior Secured Notes: 10.0 1.75 November 15, 2025 1 $ - $ 113,502 8.0% Senior Secured 1.125 225,000 225,000 11.75% Senior Secured 1.25 430,000 430,000 Total Senior Secured Notes $ 655,000 $ 768,502 Senior Notes: 13.5 February 1, 2026 $ 90,590 $ 90,590 5.0 February 1, 2040 90,120 90,120 Total Senior Notes $ 180,710 $ 180,710 Senior Unsecured Term Loan Credit Facility due February 1, 2027 $ 39,551 $ 39,551 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 $ 81,498 $ 81,498 Senior Secured Revolving Credit Facility (2) $ - $ - Subtotal senior notes and credit facilities $ 956,759 $ 1,070,261 Net (discounts) premiums $ (18,230 ) $ (14,563 ) Unamortized debt issuance costs $ (3,912 ) $ ( 4,207 ) Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs $ 934,617 $ 1,051,491 ( 1 On November 15, 2023, K. Hovnanian redeemed all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75 ( 2 At January 31, 2024 125.0 first The revolving loans thereunder have a maturity of June 30, 2026 and borrowings bear interest, at K. Hovnanian ’ s option, at either (i) a term secured overnight financing rate (subject to a floor of 3.00%) plus an applicable margin of 4.50% or (ii) an alternate base rate (subject to a floor of 4.00%) plus an applicable margin of 3.50%. In addition, K. Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00% per annum. General Except for K. Hovnanian, the issuer of the notes and borrower under the Credit Facilities (as defined below), our home mortgage subsidiaries, certain of our title insurance subsidiaries, joint ventures and subsidiaries holding interests in our joint ventures, we and each of our subsidiaries are guarantors of the Credit Facilities, the senior secured notes and senior notes outstanding at January 31, 2024 (collectively, the “Notes The credit agreements governing the term loans and revolving credit facilities (collectively, the “Credit Facilities”) and the indentures governing the senior secured and senior notes (together, the “Debt Instruments”) outstanding at January 31, 2024 do not contain any financial maintenance covenants, but do contain restrictive covenants that limit, among other things, the ability of HEI and certain of its subsidiaries, including K. Hovnanian, to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, repay/repurchase certain indebtedness prior to its respective stated maturity, repurchase (including through exchanges) common and preferred stock, make other restricted payments (including investments), sell certain assets (including in certain land banking transactions), incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliates. The Debt Instruments also contain customary events of default which would permit the lenders or holders thereof to exercise remedies with respect to the collateral (as applicable), declare the loans (the “Unsecured Term Loans”) made under the Senior Unsecured Term Loan Credit Facility due February 1, 2027 (the “Unsecured Term Loan Facility”), loans (the “Secured Term Loans”) made under the Senior Secured 1.75 If our consolidated fixed charge coverage ratio is less than 2.0 to 1.0 1.0 2022 Under the terms of our Debt Instruments, we have the right to make certain redemptions and prepayments and, depending on market conditions, our strategic priorities and covenant restrictions, may do so from time to time. We also continue to actively analyze and evaluate our capital structure and explore transactions to simplify our capital structure and to strengthen our balance sheet, including those that reduce leverage, interest rates and/or extend maturities, and will seek to do so with the right opportunity. We may also continue to make debt or equity purchases and/or exchanges from time to time through tender offers, exchange offers, redemptions, open market purchases, private transactions, or otherwise, or seek to raise additional debt or equity capital, depending on market conditions and covenant Fiscal 2024 On November 15, 2023, K. Hovnanian redeemed in full all of the $113.5 million aggregate principal amount of its 10.0% Senior Secured 1.75 2025 net". Secured Obligations The Secured Credit Agreement provides for up to $125.0 million in aggregate amount of Secured Revolving Loans to be used for general corporate purposes, upon the terms and subject to the conditions set forth therein. Secured Revolving Loans are to be borrowed by K. Hovnanian and guaranteed by the Notes Guarantors. The revolving loans under the Secured Credit Agreement have a maturity of June 30, 2026 and borrowings bear interest, at K. Hovnanian’s option, at either (i) SOFR (subject to a floor of 3.00%) plus an applicable margin of 4.5% or (ii) an alternate base rate (subject to a floor of 4.0%) plus an applicable margin of 3.5%. In addition, K. Hovnanian pays an unused commitment fee on the undrawn revolving commitments at a rate of 1.0% per annum. The 8.0 % Senior Secured 1.125 Lien Notes due 2028 (the "New 1.125 Lien Notes") have a maturity of September 30, 2028 and bear interest at a rate of 8.0% 1.125 1.125 1.125 . The 11.75% Senior Secured 1.25 Lien Notes due 2029 (the " New 1.25 1.25 1.25 1.25 . The secured term loans under the Secured Term Loan Facility (the “Secured Term Loans”) bear interest at a rate equal to 10.0% per annum and will mature on January 31, 2028, with interest payable in arrears on the last business day of each fiscal quarter. At any time and from time to time prior to November 15, 2023, K. Hovnanian may voluntarily prepay some or all of the Secured Term Loans at a prepayment price equal to 102.5% of their principal amount and at any time and from time to time after November 15, 2023, K. Hovnanian may voluntarily prepay some or all of the Secured Term Loans at a prepayment price equal to 100.0% of their principal amount Each series of secured notes and the guarantees thereof, the Secured Term Loans and the guarantees thereof and the Secured Credit Agreement and the guarantees thereof are secured by the same assets. Among the secured debt ( in each case, with respect to the assets securing such debt) 1.125 1.25 1.125 1.25 1.25 As of January 31, 2024 the collateral securing the Secured Credit Agreement, the Secured Term Loan Facility and the senior secured notes included ( 1 2 3 Unsecured Obligations The 13.5% Senior Notes due 2026 13.5 2026 13.5 13.5 2026 13.5 2026 13.5 2026 The 5.0% Senior Notes due 2040 5.0 2040 5.0 5.0 2040 2040 The Unsecured Term Loans bear interest at a rate equal to 5.0 . Other We have certain stand-alone cash collateralized letter of credit agreements and facilities under which there was a total of $4.8 million and $4.9 million letters of credit outstanding at January 31, 2024 and October 31, 2023, respectively. These agreements and facilities require us to maintain specified amounts of cash as collateral in segregated accounts to support the letters of credit issued thereunder, which will affect the amount of cash we have available for other uses. At January 31, 2024 and October 31, 2023

Note 13 - Per Share Calculation

Note 13 - Per Share Calculation	3 Months Ended
	Jan. 31, 2024
Per Share Calculation
Per Share Calculation	13. Per Share Calculation Basic and diluted earnings per share for the periods presented below were calculated as follows: Three Months Ended January 31, (In thousands, except per share data) 2024 2023 Numerator: Net income $ 23,904 $ 18,716 Less: preferred stock dividends (2,669 ) ( 2,669 ) Less: undistributed earnings allocated to participating securities (1,025 ) (1,403 ) Numerator for basic earnings per share $ 20,210 $ 14,644 Plus: undistributed earnings allocated to participating securities 1,025 1,403 Less: undistributed earnings reallocated to participating securities (1,025 ) (1,403 ) Numerator for diluted earnings per share $ 20,210 $ 14,644 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 6,496 6,186 Effect of dilutive securities: Stock-based payments 441 282 Denominator for diluted earnings per share – weighted-average shares outstanding 6,937 6,468 Basic earnings per share $ 3.11 $ 2.37 Diluted earnings per share $ 2.91 $ 2.26 In addition, 80 not three months ended January 31, 2023

Note 14 - Preferred Stock

Note 14 - Preferred Stock	3 Months Ended
	Jan. 31, 2024
Preferred Stock
Preferred Stock	14. Preferred Stock On July 12, 2005, not 7.625%. not 1/1000th three months ended January 31, 2024 2023

Note 15 - Common Stock

Note 15 - Common Stock	3 Months Ended
	Jan. 31, 2024
Common Stock
Common Stock	15. Common Stock Each share of Class A common stock entitles its holder to one vote per share, and each share of Class B common stock generally entitles its holder to ten votes per share. The amount of any regular cash dividend payable on a share of Class A common stock will be an amount equal to 110% of the corresponding regular cash dividend payable on a share of Class B common stock. If a shareholder desires to sell shares of Class B common stock, such stock must be converted into shares of Class A common stock at a one-to- one On August 4, 2008, January 11, 2018, January 18, 2021, and January 11, 2024, 382 382. 382 382. August 15, 2008. August 15, 2008, August 4, 2008, may August 14, 2027, 382 5% On September 1, 2022, may may not There were no shares repurchased during the three months ended January 31, 2024. three months ended January 31, 2023 , . January 31, 2024

Note 16 - Income Taxes

Note 16 - Income Taxes	3 Months Ended
	Jan. 31, 2024
Income Taxes
Income Taxes	16. Income Taxes For the three months ended January 31, 2024 , we recorded income tax expense of The expense was primarily driven by federal and state tax expense on income before income taxes and permanent differences, partially offset by the generation of energy home credits. The federal tax expense is not paid in cash as it is offset by the use of our existing NOL carryforwards. For the three months ended January 31, 2023 The Company recognizes deferred income taxes for deferred tax benefits arising from NOL carryforwards and temporary differences between book and tax income which will be recognized in future years as an offset against future taxable income. As part of our analysis, we considered both positive and negative factors that impact profitability and whether those factors would lead to a change in estimate of our deferred tax assets (“DTAs”) that may be realized in the future. At January 31, 2024 , the Company has determined that it is more likely than not that sufficient taxable income will be generated in the future to realize its DTAs, net of any valuation allowance.

Note 17 - Operating and Reporti

Note 17 - Operating and Reporting Segments	3 Months Ended
	Jan. 31, 2024
Operating and Reporting Segments
Operating and Reporting Segments	17. Operating and Reporting Segments HEI’s operating segments are components of the Company’s business for which discrete financial information is available and reviewed regularly by the chief operating decision maker, our Chief Executive Officer, to evaluate performance and make resource allocations. We currently have homebuilding operations in 13 states that are aggregated into reportable segments based primarily upon geographic proximity. Homebuilding: ( 1 Northeast (Delaware, Maryland, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia) ( 2 Southeast (Florida, Georgia and South Carolina) ( 3 West (Arizona, California and Texas) Operations of the homebuilding segments primarily include the sale and construction of single-family attached and detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. In addition, from time to time, operations of the homebuilding segments include sales of land. Operations of the financial services segment include mortgage banking and title services provided to the homebuilding operations’ customers. Our financial services subsidiaries do not typically retain or service mortgages that we originate but sell the mortgages and related servicing rights to investors. Corporate and unallocated primarily represents operations at our headquarters in New Jersey. This includes our executive offices, information services, human resources, corporate accounting, training, treasury, process redesign, internal audit, construction services, administration of insurance, quality and safety. It also includes interest income and interest expense resulting from interest incurred that cannot be capitalized in inventory in the homebuilding segments, as well as the gains or losses on extinguishment of debt from any debt repurchases or exchanges. Evaluation of segment performance is based primarily on income (loss) before income taxes. Income (loss) before income taxes for the homebuilding segments consist of revenues generated from the sales of homes and land, income (loss) from unconsolidated entities, management fees and other income, less the cost of homes and land sold, selling, general and administrative expenses and interest expense. Income (loss) before income taxes for the financial services segment consist of revenues generated from mortgage financing, title insurance and closing services, less the cost of such services and corporate general and administrative expenses. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent stand-alone entity during the periods presented. Financial information relating to our reportable segments was as follows: Three Months Ended January 31, (In thousands) 2024 2023 Revenues: Northeast $ 191,440 $ 211,462 Southeast 106,010 73,794 West 278,457 215,734 Total homebuilding 575,907 500,990 Financial services 15,268 12,164 Corporate and unallocated 3,021 2,212 Total revenues $ 594,196 $ 515,366 Income before income taxes: Northeast $ 35,909 $ 28,512 Southeast 14,875 11,623 West 20,592 9,889 Total homebuilding 71,376 50,024 Financial services 3,797 3,111 Corporate and unallocated (1) (42,610 ) (35,088 ) Income before income taxes $ 32,563 $ 18,047 ( 1 Corporate and unallocated for the three months ended January 31, 2024 Corporate and unallocated for the three months ended January 31, 2023 included corporate general and administrative expenses of , January 31, October 31, (In thousands) 2024 2023 Assets: Northeast $ 524,029 $ 483,784 Southeast 333,582 286,701 West 773,215 733,318 Total homebuilding 1,630,826 1,503,803 Financial services 149,633 168,671 Corporate and unallocated 559,919 820,466 Total assets $ 2,340,378 $ 2,492,940

Note 18 - Investments in Uncons

Note 18 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures	3 Months Ended
	Jan. 31, 2024
Investments in Unconsolidated Homebuilding and Land Development Joint Ventures
Investments in Unconsolidated Homebuilding and Land Development Joint Ventures	18. Investments in Unconsolidated Homebuilding and Land Development Joint Ventures We enter into homebuilding and land development joint ventures from time to time as a means of accessing lot positions, expanding our market opportunities, establishing strategic alliances, managing our risk profile, leveraging our capital base and enhancing returns on capital. During the first 2023, The tables set forth below summarize the combined financial information related to our unconsolidated homebuilding and land development joint ventures that are accounted for under the equity method. January 31, 2024 Land (In thousands) Homebuilding Development Total Assets: Cash and cash equivalents $ 116,347 $ 768 $ 117,115 Inventories 372,833 - 372,833 Other assets 380,995 - 380,995 Total assets $ 870,175 $ 768 $ 870,943 Liabilities and equity: Accounts payable and accrued liabilities $ 509,879 $ 551 $ 510,430 Notes payable 107,782 - 107,782 Total liabilities 617,661 551 618,212 Equity of: Hovnanian Enterprises, Inc. 109,210 210 109,420 Others 143,304 7 143,311 Total equity 252,514 217 252,731 Total liabilities and equity $ 870,175 $ 768 $ 870,943 Debt to capitalization ratio 30 % 0 % 30 % October 31, 2023 Land (In thousands) Homebuilding Development Total Assets: Cash and cash equivalents $ 127,547 $ 822 $ 128,369 Inventories 375,022 - 375,022 Other assets 380,989 - 380,989 Total assets $ 883,558 $ 822 $ 884,380 Liabilities and equity: Accounts payable and accrued liabilities $ 524,586 $ 605 $ 525,191 Notes payable 101,126 - 101,126 Total liabilities 625,712 605 626,317 Equity of: Hovnanian Enterprises, Inc. 96,281 210 96,491 Others 161,565 7 161,572 Total equity 257,846 217 258,063 Total liabilities and equity $ 883,558 $ 822 $ 884,380 Debt to capitalization ratio 28 % 0 % 28 % As of January 31, 2024 October 31, 2023 three months ended January 31, 2024 2023 not Three Months Ended January 31, 2024 Land (In thousands) Homebuilding Development Total Revenues $ 126,425 $ - $ 126,425 Cost of sales and expenses (108,659 ) - (108,659 ) Joint venture net income $ 17,766 $ - $ 17,766 Our share of net income $ 14,952 $ - $ 14,952 Three Months Ended January 31, 2023 Land (In thousands) Homebuilding Development Total Revenues $ 79,601 $ - $ 79,601 Cost of sales and expenses (76,885 ) - (76,885 ) Joint venture net income $ 2,716 $ - $ 2,716 Our share of net income $ 7,160 $ - $ 7,160 The reason “Our share of net income” in homebuilding joint ventures is higher or lower than the “Joint venture net income” in the tables above is a result of our varying ownership percentages in each investment. For the three months ended January 31, 2024 2023 seven eight Therefore, depending on mix, if the unconsolidated joint ventures in which we have higher sharing percentages are more profitable than our other unconsolidated joint ventures, that results in us having a higher overall percentage of income in the aggregate than would occur if all joint ventures had the same sharing percentage; conversely, if the unconsolidated joint ventures in which we have lower sharing percentages are more profitable than our other unconsolidated joint ventures, that results in us having a lower overall percentage of income in the aggregate than would occur if all joint ventures had the same sharing percentage. three months ended January 31, 2024 , three one with increased income during the period for which we currently recognize a higher profit-sharing percentage based on the joint venture agreement To compensate us for the administrative services we provide as the manager of certain unconsolidated joint ventures, we receive a management fee based on a percentage of the applicable unconsolidated joint ventures' revenues. These management fees, which totaled $4.3 million and $3.6 million for the three months ended January 31, 2024 2023 Our unconsolidated joint ventures may obtain separate project specific mortgage financing. Any unconsolidated joint venture financing is on a nonrecourse basis, with guarantees from us limited only to performance and completion of development, environmental warranties and indemnification, standard indemnification for fraud, misrepresentation and other similar actions, including a voluntary bankruptcy filing. In some instances, the unconsolidated joint venture entity is considered a VIE due to the returns being capped to the equity holders; however, in these instances, we have determined that we are not the primary beneficiary, and therefore we do not consolidate these

Note 19 - Recent Accounting Pro

Note 19 - Recent Accounting Pronouncements	3 Months Ended
	Jan. 31, 2024
Recent Accounting Pronouncements
Recent Accounting Pronouncements	19. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020 - 04 “Reference Rate Reform (Topic 848 ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020 - 04 ). ASU 2020 - 04 provides companies with optional expedients to ease the potential accounting burden on contracts affected by the discontinuation of the London Interbank Offered Rate or another reference rate expected to be discontinued. This guidance was effective for the Company beginning on March 12, 2020 and we may elect to apply the amendments prospectively. In December 2022, the FASB issued ASU 2022 - 06 “Reference Rate Reform (Topic 848 ): Deferral of the Sunset Date of Topic 848 to extend the temporary accounting rules under ASC 848 from December 31, 2022 to December 31, 2024. We are currently evaluating the potential impact, but we do not expect the adoption of this guidance to have a material impact on our Condensed Consolidated Financial Statements. In August 2023, the FASB issued ASU 2023-05, “Business Combinations - Joint Venture Formations” (“ASU 2023-05”), which addresses the accounting for contributions made to a joint venture. ASU 2023-05 requires joint ventures to measure all assets and liabilities upon formation at fair value. This guidance will be applied prospectively to all joint venture formations with a formation date on or after January 1, 2025. We are currently evaluating the potential impact, but we do not expect the adoption of this guidance to have a material impact on our Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating the potential impact, but we do not expect the adoption of this guidance to have a material impact on our Condensed Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires enhanced disclosures related to the rate reconciliation and information on income taxes paid. This guidance will be applied prospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2024. We are currently evaluating the potential impact the adoption of this guidance will have on our Condensed Consolidated Financial Statements.

Note 20 - Fair Value of Financi

Note 20 - Fair Value of Financial Instruments	3 Months Ended
	Jan. 31, 2024
Fair Value of Financial Instruments
Fair Value of Financial Instruments	20. Fair Value of Financial Instruments We use a fair-value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. Our financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at Fair Value at Fair Value January 31, October 31, (In thousands) Hierarchy 2024 2023 Mortgage loans held for sale (1) Level 2 $ 99,046 $ 130,235 ( 1 The aggregate unpaid principal balance was $98.2 million and $130.4 million at January 31, 2024 October 31, 2023 Fair value of mortgage loans held for sale is based on independent quoted market prices, where available, or the prices for other mortgage loans with similar characteristics The financial services segment had a pipeline of loan applications in process of $569.2 million at January 31, 2024 January 31, 2024 not In addition, the financial services segment uses investor commitments and forward sales of mandatory MBS to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk is managed by entering into MBS forward commitments, option contracts with investment banks, federally regulated bank affiliates and loan sales transactions with permanent investors meeting the segment’s credit standards. Our risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At January 31, 2024, we had no open mandatory investor commitments to sell MBS. Changes in fair value that are included in income are shown, by financial instrument and financial statement line item, below: Three Months Ended January 31, 2024 Mortgage Interest Rate Loans Held Lock Forward (In thousands) For Sale Commitments Contracts Change in fair value included in financial services revenue $ 802 $ - $ - Three Months Ended January 31, 2023 Mortgage Interest Rate Loans Held Lock Forward (In thousands) For Sale Commitments Contracts Change in fair value included in financial services revenue $ 421 $ - $ (37 ) We did not three months ended January 31, 2024 2023 The fair value of our cash equivalents, restricted cash and cash equivalents and customers' deposits approximates their carrying amount, based on Level 1 The fair value of each series of our Notes and Credit Facilities are listed below. Level 2 3 1.25 2029 2 January 31, 2024 Fair Value as of January 31, 2024 (In thousands) Level 1 Level 2 Level 3 Total Senior Secured Notes: 8.0% Senior Secured 1.125 - - 231,750 231,750 11.75% Senior Secured 1.25 - 477,300 - 477,300 Senior Notes: 13.5% Senior Notes due February 1, 2026 - - 95,745 95,745 5.0% Senior Notes due February 1, 2040 - - 45,484 45,484 Senior Credit Facilities: Senior Unsecured Term Loan Credit Facility due February 1, 2027 - - 37,490 37,490 Senior Secured 1.75 - - 90,552 90,552 Total fair value $ - $ 477,300 $ 501,021 $ 978,321 Fair Value as of October 31, 2023 (In thousands) Level 1 Level 2 Level 3 Total Senior Secured Notes: 10.0% Senior Secured 1.75 - 113,843 - 113,843 8.0 1.125 - - 230,690 230,690 11.75% Senior Secured 1.25 - 476,655 - 476,655 Senior Notes: 13.5% Senior Notes due February 1, 2026 - - 95,062 95,062 5.0% Senior Notes due February 1, 2040 - - 44,843 44,843 Senior Credit Facilities: Senior Unsecured Term Loan Credit Facility due February 1, 2027 - - 35,034 35,034 Senior Secured 1.75 - - 81,742 81,742 Total fair value $ - $ 590,498 $ 487,371 $ 1,077,869 The Senior Secured Revolving Credit Facility is not January 31, 2024 October 31, 2023

Note 21 - Transactions With Rel

Note 21 - Transactions With Related Parties	3 Months Ended
	Jan. 31, 2024
Transactions with Related Parties
Transactions with Related Parties	21. Transactions with Related Parties From time to time, an engineering firm owned by Tavit Najarian, a relative of Ara K. Hovnanian, our Chairman and Chief Executive Officer, provides services to the Company. During the three months ended January 31, 2024 2023

Note 3 - Interest (Tables)

Note 3 - Interest (Tables)	3 Months Ended
	Jan. 31, 2024
Interest
Schedule of Real Estate Inventory, Capitalized Interest Costs [Table Text Block]	Three Months Ended January 31, (In thousands) 2024 2023 Interest capitalized at beginning of period $ 52,060 $ 59,600 Plus interest incurred(1) 31,961 34,326 Less cost of sales interest expensed (19,898 ) (15,022 ) Less other interest expensed(2) (10,451 ) (15,093 ) Less interest contributed to unconsolidated joint venture(3) - (3,016 ) Interest capitalized at end of period(4) $ 53,672 $ 60,795 ( 1 Data does not ( 2 Other interest expensed includes interest that does not not 3.7 three months ended January 31, 2024 2023 not 6.8 three months ended January 31, 2024 2023 (3) Represents capitalized interest which was included as part of the assets contributed to joint ventures, as discussed in Note 18. no (4) Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.

Note 6 - Warranty Costs (Tables

Note 6 - Warranty Costs (Tables)	3 Months Ended
	Jan. 31, 2024
Warranty Costs
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended January 31, (In thousands) 2024 2023 Balance, beginning of period $ 98,919 $ 97,718 Additions – Selling, general and administrative 2,547 1,577 Additions – Cost of sales 2,868 1,303 Charges incurred during the period (6,644 ) (8,802 ) Changes to pre-existing reserves 2,146 (729 ) Balance, end of period $ 99,836 $ 91,067

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	3 Months Ended
	Jan. 31, 2024
Leases
Lease, Cost [Table Text Block]	Three Months Ended January 31, (In thousands) 2024 2023 Operating lease costs $ 2,633 $ 2,859 Cash payments on lease liabilities $ 2,238 $ 2,386 (In thousands) January 31, 2024 October 31, 2023 ROU assets $ 23,833 $ 25,745 Lease liabilities $ 25,174 $ 26,470 Weighted-average remaining lease term (in years) 5.1 5.1 Weighted-average discount rate 10.0 % 10.0 %
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Fiscal Year Ending October 31, (In thousands) 2024 ( excluding the three months ended January 31, 2024 $ 6,341 2025 8,100 2026 6,610 2027 4,389 2028 1,838 2029 and thereafter 4,871 Total operating lease payments (1) 32,149 Less: imputed interest (6,975 ) Present value of operating lease liabilities $ 25,174

Note 10 - Mortgage Loans Held_2

Note 10 - Mortgage Loans Held for Sale (Tables)	3 Months Ended
	Jan. 31, 2024
Mortgage Loans Held for Sale
Schedule of activity in loan origination reserves [Table Text Block]	Three Months Ended January 31, (In thousands) 2024 2023 Loan origination reserves, beginning of period $ 2,013 $ 1,795 Provisions for losses during the period 46 32 Adjustments to pre-existing provisions for losses from changes in estimates - - Loan origination reserves, end of period $ 2,059 $ 1,827

Note 12 - Senior Notes and Cr_2

Note 12 - Senior Notes and Credit Facilities (Tables)	3 Months Ended
	Jan. 31, 2024
Senior Notes and Credit Facilities
Schedule of Long-Term Debt Instruments	January 31, October 31, (In thousands) 2024 2023 Senior Secured Notes: 10.0 1.75 November 15, 2025 1 $ - $ 113,502 8.0% Senior Secured 1.125 225,000 225,000 11.75% Senior Secured 1.25 430,000 430,000 Total Senior Secured Notes $ 655,000 $ 768,502 Senior Notes: 13.5 February 1, 2026 $ 90,590 $ 90,590 5.0 February 1, 2040 90,120 90,120 Total Senior Notes $ 180,710 $ 180,710 Senior Unsecured Term Loan Credit Facility due February 1, 2027 $ 39,551 $ 39,551 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 $ 81,498 $ 81,498 Senior Secured Revolving Credit Facility (2) $ - $ - Subtotal senior notes and credit facilities $ 956,759 $ 1,070,261 Net (discounts) premiums $ (18,230 ) $ (14,563 ) Unamortized debt issuance costs $ (3,912 ) $ ( 4,207 ) Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs $ 934,617 $ 1,051,491 ( 1 On November 15, 2023, K. Hovnanian redeemed all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75 ( 2 At January 31, 2024 125.0 first The revolving loans thereunder have a maturity of June 30, 2026 and borrowings bear interest, at K. Hovnanian ’ s option, at either (i) a term secured overnight financing rate (subject to a floor of 3.00%) plus an applicable margin of 4.50% or (ii) an alternate base rate (subject to a floor of 4.00%) plus an applicable margin of 3.50%. In addition, K. Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00% per annum.

Note 13 - Per Share Calculati_2

Note 13 - Per Share Calculation (Tables)	3 Months Ended
	Jan. 31, 2024
Per Share Calculation
Schedule of basic and diluted earnings per share	Three Months Ended January 31, (In thousands, except per share data) 2024 2023 Numerator: Net income $ 23,904 $ 18,716 Less: preferred stock dividends (2,669 ) ( 2,669 ) Less: undistributed earnings allocated to participating securities (1,025 ) (1,403 ) Numerator for basic earnings per share $ 20,210 $ 14,644 Plus: undistributed earnings allocated to participating securities 1,025 1,403 Less: undistributed earnings reallocated to participating securities (1,025 ) (1,403 ) Numerator for diluted earnings per share $ 20,210 $ 14,644 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 6,496 6,186 Effect of dilutive securities: Stock-based payments 441 282 Denominator for diluted earnings per share – weighted-average shares outstanding 6,937 6,468 Basic earnings per share $ 3.11 $ 2.37 Diluted earnings per share $ 2.91 $ 2.26

Note 17 - Operating and Repor_2

Note 17 - Operating and Reporting Segments (Tables)	3 Months Ended
	Jan. 31, 2024
Operating and Reporting Segments
Schedule of financial information relating to our reportable segments	Three Months Ended January 31, (In thousands) 2024 2023 Revenues: Northeast $ 191,440 $ 211,462 Southeast 106,010 73,794 West 278,457 215,734 Total homebuilding 575,907 500,990 Financial services 15,268 12,164 Corporate and unallocated 3,021 2,212 Total revenues $ 594,196 $ 515,366 Income before income taxes: Northeast $ 35,909 $ 28,512 Southeast 14,875 11,623 West 20,592 9,889 Total homebuilding 71,376 50,024 Financial services 3,797 3,111 Corporate and unallocated (1) (42,610 ) (35,088 ) Income before income taxes $ 32,563 $ 18,047 ( 1 Corporate and unallocated for the three months ended January 31, 2024 Corporate and unallocated for the three months ended January 31, 2023 included corporate general and administrative expenses of , January 31, October 31, (In thousands) 2024 2023 Assets: Northeast $ 524,029 $ 483,784 Southeast 333,582 286,701 West 773,215 733,318 Total homebuilding 1,630,826 1,503,803 Financial services 149,633 168,671 Corporate and unallocated 559,919 820,466 Total assets $ 2,340,378 $ 2,492,940

Note 18 - Investments in Unco_2

Note 18 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Tables)	3 Months Ended
	Jan. 31, 2024
Investments in Unconsolidated Homebuilding and Land Development Joint Ventures
Equity Method Investments [Table Text Block]	January 31, 2024 Land (In thousands) Homebuilding Development Total Assets: Cash and cash equivalents $ 116,347 $ 768 $ 117,115 Inventories 372,833 - 372,833 Other assets 380,995 - 380,995 Total assets $ 870,175 $ 768 $ 870,943 Liabilities and equity: Accounts payable and accrued liabilities $ 509,879 $ 551 $ 510,430 Notes payable 107,782 - 107,782 Total liabilities 617,661 551 618,212 Equity of: Hovnanian Enterprises, Inc. 109,210 210 109,420 Others 143,304 7 143,311 Total equity 252,514 217 252,731 Total liabilities and equity $ 870,175 $ 768 $ 870,943 Debt to capitalization ratio 30 % 0 % 30 % October 31, 2023 Land (In thousands) Homebuilding Development Total Assets: Cash and cash equivalents $ 127,547 $ 822 $ 128,369 Inventories 375,022 - 375,022 Other assets 380,989 - 380,989 Total assets $ 883,558 $ 822 $ 884,380 Liabilities and equity: Accounts payable and accrued liabilities $ 524,586 $ 605 $ 525,191 Notes payable 101,126 - 101,126 Total liabilities 625,712 605 626,317 Equity of: Hovnanian Enterprises, Inc. 96,281 210 96,491 Others 161,565 7 161,572 Total equity 257,846 217 258,063 Total liabilities and equity $ 883,558 $ 822 $ 884,380 Debt to capitalization ratio 28 % 0 % 28 % Three Months Ended January 31, 2024 Land (In thousands) Homebuilding Development Total Revenues $ 126,425 $ - $ 126,425 Cost of sales and expenses (108,659 ) - (108,659 ) Joint venture net income $ 17,766 $ - $ 17,766 Our share of net income $ 14,952 $ - $ 14,952 Three Months Ended January 31, 2023 Land (In thousands) Homebuilding Development Total Revenues $ 79,601 $ - $ 79,601 Cost of sales and expenses (76,885 ) - (76,885 ) Joint venture net income $ 2,716 $ - $ 2,716 Our share of net income $ 7,160 $ - $ 7,160

Note 20 - Fair Value of Finan_2

Note 20 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jan. 31, 2024
Fair Value of Financial Instruments
Schedule of financial instruments measured at fair value on a recurring basis	Fair Value at Fair Value at Fair Value January 31, October 31, (In thousands) Hierarchy 2024 2023 Mortgage loans held for sale (1) Level 2 $ 99,046 $ 130,235 ( 1 The aggregate unpaid principal balance was $98.2 million and $130.4 million at January 31, 2024 October 31, 2023
Schedule of change in fair value included in financial services revenue	Three Months Ended January 31, 2024 Mortgage Interest Rate Loans Held Lock Forward (In thousands) For Sale Commitments Contracts Change in fair value included in financial services revenue $ 802 $ - $ - Three Months Ended January 31, 2023 Mortgage Interest Rate Loans Held Lock Forward (In thousands) For Sale Commitments Contracts Change in fair value included in financial services revenue $ 421 $ - $ (37 )
Schedule of fair value of each series of Notes and Credit Facilities	Fair Value as of January 31, 2024 (In thousands) Level 1 Level 2 Level 3 Total Senior Secured Notes: 8.0% Senior Secured 1.125 - - 231,750 231,750 11.75% Senior Secured 1.25 - 477,300 - 477,300 Senior Notes: 13.5% Senior Notes due February 1, 2026 - - 95,745 95,745 5.0% Senior Notes due February 1, 2040 - - 45,484 45,484 Senior Credit Facilities: Senior Unsecured Term Loan Credit Facility due February 1, 2027 - - 37,490 37,490 Senior Secured 1.75 - - 90,552 90,552 Total fair value $ - $ 477,300 $ 501,021 $ 978,321 Fair Value as of October 31, 2023 (In thousands) Level 1 Level 2 Level 3 Total Senior Secured Notes: 10.0% Senior Secured 1.75 - 113,843 - 113,843 8.0 1.125 - - 230,690 230,690 11.75% Senior Secured 1.25 - 476,655 - 476,655 Senior Notes: 13.5% Senior Notes due February 1, 2026 - - 95,062 95,062 5.0% Senior Notes due February 1, 2040 - - 44,843 44,843 Senior Credit Facilities: Senior Unsecured Term Loan Credit Facility due February 1, 2027 - - 35,034 35,034 Senior Secured 1.75 - - 81,742 81,742 Total fair value $ - $ 590,498 $ 487,371 $ 1,077,869

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	3 Months Ended
	Jan. 31, 2024
Basis of Presentation
Noncontrolling Interest, Description	Noncontrolling interest represents the proportionate equity interest in a consolidated joint venture that is not 100% owned by the Company directly or indirectly, which we sold our membership interest in during the first quarter of fiscal 2024.
Percentage of equity interest in a consolidated joint venture that is not owned by the Company directly or indirectly	100%

Note 2 - Stock Compensation (De

Note 2 - Stock Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expense	$ 4.1	$ 2.1
Share-Based Payment Arrangement, Expense, after Tax	$ 3	$ 2.1
Performance Shares [Member] | The 2023 LTIP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Post-Vesting Hold Period (Year)	2 years
Performance Shares [Member] | Payable in Cash-settled Phantom Shares [Member] | The 2023 LTIP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	50%
Performance Shares [Member] | Payable in Shares of Company Stock [Member] | The 2023 LTIP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	50%

Note 3 - Interest (Details Text

Note 3 - Interest (Details Textual) - USD ($) $ in Thousands		3 Months Ended
		Jan. 31, 2024	Jan. 31, 2023
Real Estate [Line Items]
Real Estate Inventory Expense Not Eligible for Capitalization	[1]	$ 10,451	$ 15,093
Qualifying Assets Not Exceeding Debt [Member]
Real Estate [Line Items]
Real Estate Inventory Expense Not Eligible for Capitalization		3,700	6,600
Completed Homes, Land in Planning and Fully Developed Lots without Homes under Construction [Member]
Real Estate [Line Items]
Real Estate Inventory Expense Not Eligible for Capitalization		$ 6,800	$ 8,500
[1] Other interest expensed includes interest that does not not 3.7 three months ended January 31, 2024 2023 not 6.8 three months ended January 31, 2024 2023

Note 3 - Interest - Interest Co

Note 3 - Interest - Interest Costs Incurred, Expensed and Capitalized (Details) - USD ($) $ in Thousands		3 Months Ended
		Jan. 31, 2024	Jan. 31, 2023
Interest
Interest capitalized at beginning of period		$ 52,060	$ 59,600
Plus interest incurred(1)	[1]	31,961	34,326
Less cost of sales interest expensed		(19,898)	(15,022)
Other interest	[2]	(10,451)	(15,093)
Less interest contributed to unconsolidated joint venture(3)	[3]	0	(3,016)
Interest capitalized at end of period(4)	[4]	$ 53,672	$ 60,795
[1] Data does not Other interest expensed includes interest that does not not 3.7 three months ended January 31, 2024 2023 not 6.8 three months ended January 31, 2024 2023 Represents capitalized interest which was included as part of the assets contributed to joint ventures, as discussed in Note 18. no Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.

Note 3 - Interest - Cash Paid f

Note 3 - Interest - Cash Paid for Interest, Net of Capitalized Interest (Details) - USD ($) $ in Thousands		3 Months Ended
		Jan. 31, 2024	Jan. 31, 2023
Interest
Real Estate Inventory Expense Not Eligible for Capitalization	[1]	$ 10,451	$ 15,093
[1] Other interest expensed includes interest that does not not 3.7 three months ended January 31, 2024 2023 not 6.8 three months ended January 31, 2024 2023

Note 4 - Reduction of Invento_2

Note 4 - Reduction of Inventory to Fair Value (Details Textual) - Home Building [Member] $ in Thousands	3 Months Ended
	Jan. 31, 2024 USD ($) Item	Jan. 31, 2023 USD ($) Item	Oct. 31, 2023 USD ($)
Real Estate [Line Items]
Number of Communities Evaluated for Impairment | Item	403	361
Impairment of Real Estate	$ 0	$ 0
Land Option Write Offs	$ 300	$ 500
Number of Walk Away Lots | Item	928	2,182
Model Sale Leaseback Financing Arrangements [Member]
Real Estate [Line Items]
Inventory Real Estate, Other Options	$ 36,600		$ 41,700
Liabilities from Inventory Real Estate Not Owned	36,300		42,000
Land Banking Arrangement [Member]
Real Estate [Line Items]
Inventory Real Estate, Other Options	161,500		183,100
Liabilities from Inventory Real Estate Not Owned	$ 78,400		$ 82,300

Note 5 - Variable Interest En_2

Note 5 - Variable Interest Entities (Details Textual) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Variable Interest Entities
Deposits Associated with Land and Lot Options of Unconsolidated Variable Interest Entities	$ 206.5	$ 192.3
Purchase Price Associated with Land and Lot Options of Unconsolidated Variable Interest Entities	$ 2,300	$ 2,200

Note 6 - Warranty Costs (Detail

Note 6 - Warranty Costs (Details Textual) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023
Product Warranty Liability [Line Items]
General Liability Insurance Deductible	$ 30,000	$ 25,000
Bodily Injury Insurance Deductible	250
Bodily Injury Insurance Deductible for Action Over Claims	500
Bodily Injury Insurance Limit	$ 30,000	5,000
CALIFORNIA
Product Warranty Liability [Line Items]
Bodily Injury Insurance Deductible		500
All States Other Than California [Member]
Product Warranty Liability [Line Items]
Bodily Injury Insurance Deductible		$ 250

Note 6 - Warranty Costs - Warra

Note 6 - Warranty Costs - Warranty and General Liability Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Product Warranty Liability [Line Items]
Balance, beginning of period	$ 98,919	$ 97,718
Charges incurred during the period	(6,644)	(8,802)
Changes to pre-existing reserves	2,146	(729)
Balance, end of period	99,836	91,067
Selling, General and Administrative Expenses [Member]
Product Warranty Liability [Line Items]
Additions	2,547	1,577
Cost of Sales [Member]
Product Warranty Liability [Line Items]
Additions	$ 2,868	$ 1,303

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingent Liabilities (Details Textual) $ in Millions	3 Months Ended
	Jan. 31, 2024 USD ($)
Great Notch Condominium Claims[Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 119.5
Spill Fund Lawsuit [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 5.3

Note 8 - Cash Equivalents, Re_2

Note 8 - Cash Equivalents, Restricted Cash and Customer's Deposits (Details Textual) - USD ($) $ in Thousands	Jan. 31, 2024	Oct. 31, 2023	Jan. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash Equivalents, at Carrying Value	$ 12,800	$ 11,400
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Assets
Home Building [Member]
Cash and Cash Equivalents [Line Items]
Restricted Cash and Cash Equivalents	$ 8,369	8,400	$ 8,154
Financial Services [Member]
Cash and Cash Equivalents [Line Items]
Restricted Cash and Cash Equivalents	42,114		$ 31,516
Restricted Cash	42,100	30,500
Financial Services [Member] | Customer Deposits [Member]
Cash and Cash Equivalents [Line Items]
Restricted Cash	39,500	28,100
Financial Services [Member] | Mortgage Warehouse Lines of Credit [Member]
Cash and Cash Equivalents [Line Items]
Restricted Cash	$ 2,600	$ 2,400

Note 9 - Leases (Details Textua

Note 9 - Leases (Details Textual) $ in Millions	3 Months Ended
	Jan. 31, 2024 USD ($)
Leases
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Prepaid expenses and other assets
Operating Lease, Liability, Statement of Financial Position	Accounts payable and other liabilities
Increase (Decrease) in Operating Lease Liability	$ 0.3
Lessee, Operating Lease, Lease Not Yet Commenced	$ 2.9

Note 9 - Leases - Lease Cost (D

Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Oct. 31, 2023
Leases
Operating lease costs	$ 2,633	$ 2,859
Cash payments on lease liabilities	2,238	$ 2,386
ROU assets	23,833		$ 25,745
Lease liabilities	$ 25,174		$ 26,470
Weighted-average remaining lease term (in years) (Year)	5 years 1 month 6 days		5 years 1 month 6 days
Weighted-average discount rate	10%		10%

Note 9 - Leases - Maturities of

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands		Jan. 31, 2024	Oct. 31, 2023
Leases
2024 (excluding the three months ended January 31, 2024)		$ 6,341
2025		8,100
2026		6,610
2027		4,389
2028		1,838
2029 and thereafter		4,871
Total operating lease payments (1)	[1]	32,149
Less: imputed interest		(6,975)
Present value of operating lease liabilities		$ 25,174	$ 26,470
[1]Lease payments include options to extend lease terms that are reasonably certain of being executed and exclude $2.9 million of legally binding minimum lease payments for office leases signed but not January 31, 2024 not

Note 10 - Mortgage Loans Held_3

Note 10 - Mortgage Loans Held for Sale (Details Textual) $ in Millions	Jan. 31, 2024 USD ($) Item	Oct. 31, 2023 USD ($) Item
Mortgage Loans Held for Sale
Number of Loans Reserved For | Item	10	10
Collateralized Debt Obligations [Member]
Mortgage Loans Held for Sale
Mortgages held for sale, pledged | $	$ 95.1	$ 127.7

Note 10 - Mortgage Loans Held_4

Note 10 - Mortgage Loans Held for Sale - Loan Origination Reserves (Details) - Collateralized Debt Obligations [Member] - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Loan origination reserves
Loan origination reserves, beginning of period	$ 2,013	$ 1,795
Provisions for losses during the period	46	32
Adjustments to pre-existing provisions for losses from changes in estimates	0	0
Loan origination reserves, end of period	$ 2,059	$ 1,827

Note 11 - Mortgages (Details Te

Note 11 - Mortgages (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Oct. 31, 2023
JP Morgan Chase Bank [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75
Line of Credit Facility, Current Borrowing Capacity	50
Warehouse Agreement Borrowings	$ 36.5	$ 31.4
JP Morgan Chase Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.125%
JP Morgan Chase Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.375%
Customers Bank [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50
Warehouse Agreement Borrowings	$ 47.3	41.1
Customers Bank [Member] | Bloomberg Short-term Bank Yield Index (BSBY) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.125%
Customers Bank [Member] | Bloomberg Short-term Bank Yield Index (BSBY) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.50%
Flagstar Bank, N.A. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50
Warehouse Agreement Borrowings	$ 0
Flagstar Bank, N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt Instrument Variable Rate Basis Floor Rate	1%
Flagstar Bank, N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.82%
Flagstar Bank, N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5%
Nonrecourse Mortgages Secured By Inventory [Member] | Mortgages [Member] | Home Building [Member]
Debt Instrument [Line Items]
Secured Debt	$ 99.6	91.5
Debt Instrument, Collateral Amount	$ 313.5	$ 331.6
Debt, Weighted Average Interest Rate	8.70%	8.50%
Comerica Master Repurchase Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 60
Warehouse Agreement Borrowings		$ 38.3
Line of Credit Facility, Maximum Borrowing Capacity Reversion After Initial Period	$ 50
Comerica Master Repurchase Agreement [Member] | Bloomberg Short-term Bank Yield Index (BSBY) [Member]
Debt Instrument [Line Items]
Debt Instrument Variable Rate Basis Floor Rate	0.50%
Comerica Master Repurchase Agreement [Member] | Bloomberg Short-term Bank Yield Index (BSBY) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Comerica Master Repurchase Agreement [Member] | Bloomberg Short-term Bank Yield Index (BSBY) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.25%

Note 12 - Senior Notes and Cr_3

Note 12 - Senior Notes and Credit Facilities (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	Nov. 15, 2023	Jan. 31, 2024	Jan. 31, 2023	Oct. 31, 2023
Debt Instrument [Line Items]
Debt Covenant Fixed Charge Coverage Ratio Minimum		2
Secured Debt Leverage Ratio		4
Dividends Payable		$ 2,700
Repayments of Senior Debt		113,502	$ 0
Gain (Loss) on Extinguishment of Debt		1,371	$ 0
Stand-alone Cash Collateralized Letter of Credit Agreements and Facilities [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		4,800		$ 4,900
Stand-alone Cash Collateralized Letter of Credit Agreements and Facilities [Member] | Restricted Cash [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount		5,000		$ 5,100
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] | Cash and Cash Equivalents Collateral [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount		190,100
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] | Restricted Cash [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount		5,000
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] | Real Property [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount		592,500
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] | Equity Interests in Joint Venture Holding Companies Collateral [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount		109,200
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 125,000
Line of Credit Facility, Unused Commitment Fee Rate		1%
Senior Secured Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Variable Rate Floor		3%
Line of Credit Facility, Applicable Margin		4.50%
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Applicable Margin		3.50%
Senior Secured Revolving Credit Facility [Member] | Alternate Base Rate Member
Debt Instrument [Line Items]
Line of Credit Facility, Variable Rate Floor		4%
Line of Credit Facility, Applicable Margin		3.50%
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption With Net Cash Proceeds From Certain Equity Offerings Member
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		111.75%
The 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				10%
Senior Secured 1.75 Lien Term Loan Credit Facility Due January 31, 2028 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		10%
Senior Secured 1.75 Lien Term Loan Credit Facility Due January 31, 2028 [Member] | After November 15, 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100%
Senior Secured 1.75 Lien Term Loan Credit Facility Due January 31, 2028 [Member] | Before Nov 15, 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		102.50%
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		13.50%		13.50%
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100%
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100%
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5%		5%
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100%
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	10%
Debt Instrument, Redeemed, Face Amount	$ 113,500
Repayments of Senior Debt	$ 119,200
Gain (Loss) on Extinguishment of Debt		$ 1,400
The 8.0% Senior Secured 1.125 Lien Notes Due 2028 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		8%		8%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		11.75%		11.75%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member] | Principal Commencing September 30, 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		102.9375%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member] | Redeemable Prior to March 30, 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		35%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member] | Principal Commencing March 30, 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		105.875%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member] | Principal Commencing September 30, 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100%
The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		8%		8%
The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member] | Senior Secured Notes [Member] | Redeemable Prior to September 30, 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		35%
The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member] | Senior Secured Notes [Member] | Principal Commencing September 30, 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		104%
The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member] | Senior Secured Notes [Member] | Principal Commencing September 30, 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		102%
The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member] | Senior Secured Notes [Member] | Principal Commencing September 30, 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100%
The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member] | Senior Secured Notes [Member] | Redemption With Net Cash Proceeds From Certain Equity Offerings Member
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		108%

Note 12 - Senior Notes and Cr_4

Note 12 - Senior Notes and Credit Facilities - Senior Notes and Credit Facilities Balances (Details) - USD ($) $ in Thousands		Jan. 31, 2024	Oct. 31, 2023
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		$ 956,759	$ 1,070,261
Net (discounts) premiums		(18,230)	(14,563)
Unamortized debt issuance costs		(3,912)	(4,207)
Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs		934,617	1,051,491
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		655,000	768,502
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		180,710	180,710
Senior Unsecured Term Loan Credit Facility Due 2027 [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		39,551	39,551
Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities	[1]	0	0
The 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities	[2]	0	113,502
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		90,590	90,590
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		90,120	90,120
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		81,498	81,498
The 8.0% Senior Secured 1.125 Lien Notes Due 2028 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		225,000	225,000
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Subtotal senior notes and credit facilities		$ 430,000	$ 430,000
[1] At January 31, 2024 125.0 first The revolving loans thereunder have a maturity of June 30, 2026 and borrowings bear interest, at K. Hovnanian ’ s option, at either (i) a term secured overnight financing rate (subject to a floor of 3.00%) plus an applicable margin of 4.50% or (ii) an alternate base rate (subject to a floor of 4.00%) plus an applicable margin of 3.50%. In addition, K. Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00% per annum. On November 15, 2023, K. Hovnanian redeemed all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75

Note 12 - Senior Notes and Cr_5

Note 12 - Senior Notes and Credit Facilities - Senior Notes and Credit Facilities Balances (Details) (Parentheticals)	3 Months Ended	12 Months Ended
	Jan. 31, 2024	Oct. 31, 2023
Senior Unsecured Term Loan Credit Facility Due 2027 [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Feb. 01, 2027	Feb. 01, 2027
The 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		10%
Debt Instrument, Maturity Date		Nov. 15, 2025
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	13.50%	13.50%
Debt Instrument, Maturity Date	Feb. 01, 2026	Feb. 01, 2026
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5%	5%
Debt Instrument, Maturity Date	Feb. 01, 2040	Feb. 01, 2040
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Jan. 31, 2028	Jan. 31, 2028
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	11.75%	11.75%
Debt Instrument, Maturity Date	Sep. 30, 2029	Sep. 30, 2029
The 8.0% Senior Secured 1.125 Lien Notes Due 2028 [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8%	8%
Debt Instrument, Maturity Date	Sep. 30, 2028	Sep. 30, 2028

Note 13 - Per Share Calculati_3

Note 13 - Per Share Calculation (Details Textual) shares in Thousands	3 Months Ended
	Jan. 31, 2023 shares
Out of the Money Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	80

Note 13 - Per Share Calculati_4

Note 13 - Per Share Calculation - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Per Share Calculation
Net income	$ 23,904	$ 18,716
Less: preferred stock dividends	(2,669)	(2,669)
Less: undistributed earnings allocated to participating securities	(1,025)	(1,403)
Numerator for basic earnings per share	20,210	14,644
Plus: undistributed earnings allocated to participating securities	1,025	1,403
Less: undistributed earnings reallocated to participating securities	(1,025)	(1,403)
Numerator for diluted earnings per share	$ 20,210	$ 14,644
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	6,496	6,186
Stock-based payments (in shares)	441	282
Denominator for diluted earnings per share – weighted-average shares outstanding (in shares)	6,937	6,468
Net income per common share (in dollars per share)	$ 3.11	$ 2.37
Diluted earnings per share (in dollars per share)	$ 2.91	$ 2.26

Note 14 - Preferred Stock (Deta

Note 14 - Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 12, 2005	Jan. 31, 2024	Jan. 31, 2023	Oct. 31, 2023
Class of Stock [Line Items]
Preferred Stock, Shares Issued, Total (in shares)		5,600		5,600
Preferred Class A [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued, Total (in shares)	5,600
Preferred Stock, Dividend Rate, Percentage	7.625%
Preferred Stock, Liquidation Preference Per Share (in dollars per share)	$ 25,000
Preferred Stock, Depositary Shares, Number of Shares of Preferred Stock in Each Depositary Share (in shares)	0.001
Payments of Dividends		$ 2.7	$ 2.7

Note 15 - Common Stock (Details

Note 15 - Common Stock (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 31, 2024 USD ($) shares	Jan. 31, 2023 USD ($) $ / shares shares	Sep. 01, 2022 USD ($)	Jan. 11, 2018	Aug. 15, 2008
Class of Stock [Line Items]
Common Stock Dividends Percent of Increase from Class A to Class B	110%
Conversion of Stock From Class B to Class A Conversion Ratio	1
Shareholder Ownership Percentage of Increase				50%
Treasury Stock, Value, Acquired, Cost Method		$ 4,800
Minimum [Member]
Class of Stock [Line Items]
Shareholder Ownership Percentage				5%
Common Class A [Member]
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired (in shares) | shares	0	118,478
Common Stock Voting Rights Votes per Share Number	1
Shareholder Ownership Percentage					4.90%
Number of Rights					1
Shareholders Pre Existing Ownership Percentage				5%
Shareholders Current Ownership Percentage				5%
Shareholders Ownership Percentage on Transfers				5%
Shareholders Ownership Percentage Threshold				5%
Stock Repurchase Program, Authorized Amount			$ 50,000
Treasury Stock, Value, Acquired, Cost Method		$ 4,800
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares		$ 40.51
Stock Repurchase Program, Remaining Amount of Shares Authorized to be Repurchased	$ 33,000
Common Class B [Member]
Class of Stock [Line Items]
Common Stock Voting Rights Votes per Share Number	10

Note 16 - Income Taxes (Details

Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Operating Loss Carryforwards [Line Items]
Income Tax Expense (Benefit)	$ 8,659	$ (669)
Energy Efficient Tax Credit [Member]
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Tax Credit, Amount		$ 6,200

Note 17 - Operating and Repor_3

Note 17 - Operating and Reporting Segments (Details Textual) $ in Thousands		3 Months Ended
		Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of States in which Entity Operates		13
Real Estate Inventory Expense Not Eligible for Capitalization	[1]	$ 10,451	$ 15,093
Gain (Loss) on Extinguishment of Debt		1,371	0
Qualifying Assets Not Exceeding Debt [Member]
Segment Reporting Information [Line Items]
Real Estate Inventory Expense Not Eligible for Capitalization		3,700	6,600
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
General and Administrative Expense		37,100	25,500
Other Nonoperating Income (Expense)		3,200	3,000
Gain (Loss) on Extinguishment of Debt		1,400
Corporate, Non-Segment [Member] | Qualifying Assets Not Exceeding Debt [Member]
Segment Reporting Information [Line Items]
Real Estate Inventory Expense Not Eligible for Capitalization		$ 3,700	$ 6,600
[1] Other interest expensed includes interest that does not not 3.7 three months ended January 31, 2024 2023 not 6.8 three months ended January 31, 2024 2023

Note 17 - Operating and Repor_4

Note 17 - Operating and Reporting Segments - Financial Information Relating to Segment Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Jan. 31, 2024	Jan. 31, 2023
Segment Reporting Information [Line Items]
Revenues		$ 594,196	$ 515,366
Income (loss) before income taxes		32,563	18,047
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Revenues		3,021	2,212
Income (loss) before income taxes	[1]	(42,610)	(35,088)
Home Building [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		575,907	500,990
Income (loss) before income taxes		71,376	50,024
Home Building [Member] | Northeast [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		191,440	211,462
Income (loss) before income taxes		35,909	28,512
Home Building [Member] | Southeast [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		106,010	73,794
Income (loss) before income taxes		14,875	11,623
Home Building [Member] | West [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		278,457	215,734
Income (loss) before income taxes		20,592	9,889
Financial Services [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		15,268	12,164
Income (loss) before income taxes		$ 3,797	$ 3,111
[1] Corporate and unallocated for the three months ended January 31, 2024 Corporate and unallocated for the three months ended January 31, 2023 included corporate general and administrative expenses of ,

Note 17 - Operating and Repor_5

Note 17 - Operating and Reporting Segments - Financial Information Relating to Segment Financial Position (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Oct. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 2,340,378	$ 2,492,940
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Assets	559,919	820,466
Home Building [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Assets	1,630,826	1,503,803
Home Building [Member] | Northeast [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Assets	524,029	483,784
Home Building [Member] | Southeast [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Assets	333,582	286,701
Home Building [Member] | West [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Assets	773,215	733,318
Financial Services [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Assets	$ 149,633	$ 168,671

Note 18 - Investments in Unco_3

Note 18 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Details Textual) $ in Thousands	3 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Owned Communities Transferred to the Joint Venture		4
Number of Owned Active Communities Transferred to the Joint Venture		1
Proceeds from Transfer of Land to Joint Venture		$ 41,100
Equity Method Investment, Other than Temporary Impairment	$ 0	0
Revenues	594,196	515,366
Home Building [Member] | Management Fees [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	$ 4,300	$ 3,600
Homebuilding and Land Development Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of Owned Active Communities Transferred to the Joint Venture	7	8
Homebuilding and Land Development Joint Ventures [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	20%
Homebuilding and Land Development Joint Ventures [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50%
Corporate Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Advances to Affiliate	$ 1,200		$ 1,400
Revenues	$ 126,425	$ 79,601

Note 18 - Investments in Unco_4

Note 18 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures - Unconsolidated Homebuilding and Land Development Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Oct. 31, 2023	Oct. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total assets	$ 2,340,378		$ 2,492,940
Total liabilities	1,733,290		1,911,151
Hovnanian Enterprises, Inc.	607,088		581,736
Others	0		53
Total equity	607,088	$ 395,797	581,789	$ 383,051
Total liabilities and equity	2,340,378		2,492,940
Revenues	594,196	515,366
Net income	23,904	18,716
Our share of net income	14,952	7,160
Corporate Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	117,115		128,369
Inventories	372,833		375,022
Other assets	380,995		380,989
Total assets	870,943		884,380
Accounts payable and accrued liabilities	510,430		525,191
Notes payable	107,782		101,126
Total liabilities	618,212		626,317
Hovnanian Enterprises, Inc.	109,420		96,491
Others	143,311		161,572
Total equity	252,731		258,063
Total liabilities and equity	$ 870,943		$ 884,380
Debt to capitalization ratio	30%		28%
Revenues	$ 126,425	79,601
Cost of sales and expenses	(108,659)	(76,885)
Net income	17,766	2,716
Our share of net income	14,952	7,160
Homebuilding Joint Venture [Member] | Corporate Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	116,347		$ 127,547
Inventories	372,833		375,022
Other assets	380,995		380,989
Total assets	870,175		883,558
Accounts payable and accrued liabilities	509,879		524,586
Notes payable	107,782		101,126
Total liabilities	617,661		625,712
Hovnanian Enterprises, Inc.	109,210		96,281
Others	143,304		161,565
Total equity	252,514		257,846
Total liabilities and equity	$ 870,175		$ 883,558
Debt to capitalization ratio	30%		28%
Revenues	$ 126,425	79,601
Cost of sales and expenses	(108,659)	(76,885)
Net income	17,766	2,716
Our share of net income	14,952	7,160
Land Development Joint Venture [Member] | Corporate Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	768		$ 822
Inventories	0		0
Other assets	0		0
Total assets	768		822
Accounts payable and accrued liabilities	551		605
Notes payable	0		0
Total liabilities	551		605
Hovnanian Enterprises, Inc.	210		210
Others	7		7
Total equity	217		217
Total liabilities and equity	$ 768		$ 822
Debt to capitalization ratio	0%		0%
Revenues	$ 0	0
Cost of sales and expenses	0	0
Net income	0	0
Our share of net income	$ 0	$ 0

Note 20 - Fair Value of Finan_3

Note 20 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2024	Oct. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale mortgages unpaid principal	$ 98,200	$ 130,400
Senior Secured Revolving Credit Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term line of credit, total	0	$ 0
Loan Origination Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan applications in process	$ 569,200
Loan Origination Commitments [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of days in committment (day)	60 days
Interest Rate Committed Loan Applications [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate committed loan applications	$ 71,800
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, stated percentage	11.75%

Note 20 - Fair Value of Finan_4

Note 20 - Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands		Jan. 31, 2024	Oct. 31, 2023
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	[1]	$ 99,046	$ 130,235
[1]The aggregate unpaid principal balance was $98.2 million and $130.4 million at January 31, 2024 October 31, 2023

Note 20 - Fair Value of Finan_5

Note 20 - Fair Value of Financial Instruments - Changes in Fair Values Included in Income (Loss) (Details) - Financial Services Revenue Line Item [Member] - USD ($) $ in Thousands	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Mortgage Loans Held For Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value included in financial services revenue	$ 802	$ 421
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value included in financial services revenue	0	0
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value included in financial services revenue	$ 0	$ (37)

Note 20 - Fair Value of Finan_6

Note 20 - Fair Value of Financial Instruments - Fair Value of Notes (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Oct. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	$ 978,321	$ 1,077,869
Senior Secured Notes [Member] | The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	231,750	230,690
Senior Secured Notes [Member] | The 11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	477,300	476,655
Senior Secured Notes [Member] | The 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value		113,843
Senior Notes [Member] | The 13.5% 2026 Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	95,745	95,062
Senior Notes [Member] | The 5.0% 2040 Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	45,484	44,843
Unsecured Senior Term Loan [Member] | Senior Unsecured Term Loan Credit Facility Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	37,490	35,034
Senior Secured Term Loan [Member] | The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	90,552	81,742
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Senior Secured Notes [Member] | The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Senior Secured Notes [Member] | The 11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Senior Secured Notes [Member] | The 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value		0
Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | The 13.5% 2026 Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | The 5.0% 2040 Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Unsecured Senior Term Loan [Member] | Senior Unsecured Term Loan Credit Facility Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Senior Secured Term Loan [Member] | The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	477,300	590,498
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | The 11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	477,300	476,655
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | The 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value		113,843
Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member] | The 13.5% 2026 Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member] | The 5.0% 2040 Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member] | Unsecured Senior Term Loan [Member] | Senior Unsecured Term Loan Credit Facility Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member] | Senior Secured Term Loan [Member] | The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	501,021	487,371
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	231,750	230,690
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | The 11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	0	0
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | The 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value		0
Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | The 13.5% 2026 Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	95,745	95,062
Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | The 5.0% 2040 Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	45,484	44,843
Fair Value, Inputs, Level 3 [Member] | Unsecured Senior Term Loan [Member] | Senior Unsecured Term Loan Credit Facility Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	37,490	35,034
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes, Fair Value	$ 90,552	$ 81,742

Note 20 - Fair Value of Finan_7

Note 20 - Fair Value of Financial Instruments - Fair Value of Notes (Details) (Parentheticals)	3 Months Ended	12 Months Ended
	Jan. 31, 2024	Oct. 31, 2023
The 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 [Member] | Senior Secured Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Stated Interest Rate	8%	8%
Debt Instrument, Maturity Date	Sep. 30, 2028	Sep. 30, 2028
The 11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 [Member] | Senior Secured Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Stated Interest Rate	11.75%	11.75%
Debt Instrument, Maturity Date	Sep. 30, 2029	Sep. 30, 2029
The 13.5% 2026 Notes [Member] | Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Stated Interest Rate	13.50%	13.50%
Debt Instrument, Maturity Date	Feb. 01, 2026	Feb. 01, 2026
The 5.0% 2040 Notes [Member] | Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Stated Interest Rate	5%	5%
Debt Instrument, Maturity Date	Feb. 01, 2040	Feb. 01, 2040
Senior Unsecured Term Loan Credit Facility Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Maturity Date	Feb. 01, 2027	Feb. 01, 2027
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | Senior Secured Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Maturity Date	Jan. 31, 2028	Jan. 31, 2028
The 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 [Member] | Senior Secured Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Stated Interest Rate		10%
Debt Instrument, Maturity Date		Nov. 15, 2025

Note 21 - Transactions With R_2

Note 21 - Transactions With Related Parties (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Tavit Najarian [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 0.3	$ 0.4