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KB Home sees prices, profit grow in third quarter
KB Home sees prices, profit grow in third quarter

More sales of higher-priced houses, especially in the West, powered KB Home to higher revenue and profit in its fiscal third quarter, but the Los Angeles-based home builder's stock price was falling Wednesday after the results came in below analyst expectations. In an earnings report Wednesday morning, the company said the number of homes it sold this summer dipped slightly, thanks to construction delays and slower mortgage closings. But the average price of those houses climbed 9%, to $327,000. In Western markets, including its home base of Southern California, KB's average selling price surged by one-fifth, to $579,700. The company credited those results to a new focus on...

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