Builder KB Home said home sales were down 37 percent during the second quarter from a year ago, to 1,761 units, with the average price declining 5 percent to $216,200.

But the Los Angeles-based home builder managed to slash inventory by 39 percent from a year ago, to 3,804 homes, while paring losses to $78.4 million, down from $256 million in the second quarter of 2008.

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