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.
“Throughout the year we adjust prices and affordability for our customers to maintain [sales] volume,” Miller said. “We will be adaptable to the interest rate as it evolves throughout the year.”Even as Lennar had to lower prices and offer incentives, construction costs remained elevated. Lennar co-President and co-CEOsaid construction costs were up 16% year-over-year.
“There will not be an inventory overhang,” he said. “The duration of this correction will be smaller and somewhat limited.” “We’ve very fortunate to have limited unsold inventory in those markets so we should be able to get these markets back on track in the first quarter,” Beckwitt said.
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