Lennar: National building slowdown coming; puts spinoff on hold
expects a national slowdown in both single-family and multifamily construction in 2023, but his company will reduce prices and offer incentives as it keeps building.
As other homebuilders cut back on work, Lennar hopes to negotiate cost reductions from its contractors and suppliers. In one sign of the correction, Lennar reported a 26% home sales cancellation rate in the fiscal fourth quarter, up from 12% last year. Many homebuyers who were depending on mortgages were stung by the interest rate increases making those loans more expensive.
Lennar delivered more homes for the fourth quarter, but orders were down. Revenue increased to $10.2 billion, from $8.4 billion the same quarter a year ago. Its net income increased to $1.32 billion, from $1.19 billion.
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