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FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES                                                                                   
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940                       

1. Name and Address of Reporting Person * LORA MELISSA	2. Issuer Name and Ticker or Trading Symbol KB HOME [ KBH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director                    _____ 10% Owner _____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle) C/O KB HOME, 10990 WILSHIRE BOULEVARD, 7TH FLOOR	3. Date of Earliest Transaction (MM/DD/YYYY) 7/13/2020
(Street) LOS ANGELES, CA 90024 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	7/13/2020		M		13755	A	$11.82	190948	D
Common Stock	7/13/2020		D		5553	D	$29.28	185395 (1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (Right to Buy)	$11.82	7/13/2020		M			13755	4/7/2012	4/7/2021	Common Stock	13755.0	$0	0	D

Explanation of Responses:

(1)

Based on the reporting person's election, the reporting person received shares of the issuer's common stock equal in value to the positive difference between the exercised stock option's exercise price and the closing price of the issuer's common stock on the date of exercise. Accordingly, the exercised stock option, which was scheduled to expire in less than a year, was settled in a manner similar to a stock appreciation right. No shares of the issuer's common stock were sold in these transactions.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LORA MELISSA C/O KB HOME 10990 WILSHIRE BOULEVARD, 7TH FLOOR LOS ANGELES, CA 90024	X

Signatures
Tony Richelieu, Attorney-in-Fact for Melissa Lora		7/15/2020
**Signature of Reporting Person		Date