Further proof of a slow, but healthy, recovery in the housing market, KB Home posted better than expected higher second-quarter profits on increased home prices. In its May-ended quarter, the company recovered from a loss in the year-ago quarter, earning $0.27 cents a share, $0.08 cents higher than estimates. Sales climbed 8% to $565 million. That marks KB HomeÃ¢Â¿Â¿s eleventh consecutive quarter of top-line growth. In this quarter, however, growth was not due to the number of homes sold, but a boost in home prices. On average, KB sold houses for prices 10% higher than in the year-ago quarter even as total volume slipped 3%. TheStreet's Keris Lahiff reports from New York.
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