Lennar Corporation had won big time as they as their sales went up with two- digit percentage for its third quarter of the year.
According to wsj.com [Wall Street Journal], Lennar Chief Executive Stuart Miller said "We have believed and continue to believe that the downside in the housing market is very limited and the upside very significant." The Miami- based home builder company was able to reach a 10% increase in their orders compared to last year's statistics to 6,495 homes, 16% of delivered completed homes and 5% additional in the average price.
Mr. Miller also said that single- family home constructions for this year's first two quarters had increased with 11% compared to last year's first two quarters. It was also a good time for Lennar as the company received 30% increase in first- time home buyers from 25% of last year's third quarter. Lennar Corp. not only experience growth in home construction but also on their rental market. Mr. Miller said "There is very, very large pent-up demand both in rental and in for-sale (housing) for buyers who need to come back in," The company currently has "28 projects totaling 7,700 units under development with partners."
According to marketwatch.com, Lennar Corp. had garnered a profit totaling to $223 million (96 cents a share), up from $177.8 million (78 cents a share) of last year. It is also expected that Lennar Corp's revenue might continue to rise to 24%. Lennar is also expected to have an 80 cents per share profit and $2.42 billion sales profit. Like its competitors, Lennar has been increasing their incentives to boost their sales. The company increased their incentive with 1.5% compared to last year's incentive which yields $20,700 for each house sold for the quarter.
Lennar Corp. is known as the second- largest home builder company in the U.S.
