Monday
September 1, 2014

Lennar Reports Rising Profits, New Orders

|
-A A +A

Lennar Reports Rising Profits, New Orders

Lennar says it's noticing a rebound in homebuilding, with skyrocketing quarterly profits and new-home orders.

Lennar’s Chief Executive Stuart Miller credits the surge to “low mortgage rates, affordable home prices, reduced foreclosures, and an extremely favorable ‘rent vs. own’  comparison.”

Lennar’s new-home orders were up 32 percent in the fourth quarter, as the Miami-based home builder delivered 4,443 homes nationwide. The average selling price of the homes increased 7 percent, averaging $261,000 in the fourth quarter. 

What’s more, Lennar reported that its net income increased to $124,3 million in the fourth quarter, compared with $30.3 million one year prior. 

Lennar is the nation’s No. 3 home builder in size, behind PulteGroup and D.R. Horton. 

Source: “Lennar Profit Is Up on Housing Recovery,” Reuters (Jan. 15, 2013)

Read More

Rents to Keep Rising