Lennar Corp. NYSE: LEN budownictwo, deweloper

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(Reuters) - Lennar Corp (NYSE:LEN) on Thursday reported third-quarter profit above Wall Street estimates as historically low home inventories in the market supported demand for new constructions.

Despite current mortgage rates hitting a two-decade high, existing housing supply remains tight as a majority of homeowners are locked into a fixed rate below 5%, making them unlikely to resell.

The "rate-lock in" effect has been a tailwind for homebuilders this year, even as rising home prices constrain affordability for many buyers.

"Market conditions remained constructive for new homebuilders during our third quarter," said Lennar co-CEO Stuart Miller, adding that tight housing supply, absorbed by strong current and pent-up demand, continued to help sales.

The second-largest U.S. homebuilder's earnings of $3.87 per share came in above analysts' estimates of $3.51 per share, according to LSEG data.

Latest Release
Sep 14, 2023

EPS / Forecast
3.91 / 3.51

Revenue / Forecast
8.7B / 8.49B