United States · Business news · Corporate · 16 Sept 2026
US Consumer Discretionary Real Estate
Lennar reported third-quarter net earnings of $284 million, or $1.19 a diluted share, on revenue of $8.0 billion. New orders fell 9% from a year earlier to 20,879 homes and deliveries fell 3% to 20,840. Gross margin on home sales was 15.8%; the average sales price was $372,000 after incentives of about 12.0%. Backlog stood at 16,857 homes worth $6.3 billion. The company lowered its full-year delivery target to about 80,000 to 81,000 homes, from 82,000 to 83,000. Its chairman said the 30-year mortgage rate was about 6.8% at quarter end.
Lennar is one of the two largest US homebuilders and reports a month ahead of most peers, so its orders and margins are an early reading for the group. The figures show the cost of keeping sales moving at these mortgage rates: incentives equal to roughly an eighth of the price and a gross margin below 16%. Lower volumes from a builder of this size reach suppliers of lumber, wallboard, windows, appliances and heating equipment, and mortgage and title businesses tied to new-home closings.
Reported by Lennar Corporation (SEC filing) — “Lennar Reports Third Quarter 2026 Results” ↗ on 16 Sept 2026.
Official series on 16 Sept 2026 or the last day before it, and the latest observation.
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