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Lennar’s Earnings Are a Read on Housing. Demand for New Homes Is Strong.

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High mortgage rates and a limited supply of previously owned houses have boosted builder stocks as buyers seek new homes.

Lennar, one of the nation’s largest home builders, beat expectations for third-quarter revenue and profit on Thursday, demonstrating that demand for new homes remained strong through August.

The Miami-based home builder’s guidance last quarter had called for third-quarter deliveries of 17,750 to 18,250, and new orders of 18,000 to 19,000. Analysts had expected 18,192 home deliveries in the quarter.“Short housing supply, absorbed by strong primary and pent-up demand, continued to define a strong sales environment,” Lennar Executive Chairman and Co-CEO Stuart Miller said in a statement.

The average 30-year, fixed-rate mortgage rose to 7.18% on Thursday, up from 7.12% last week, according to Freddie Mac. This time last year, the 30-year fixed-rate mortgage averaged 6.02%. But sales of new homes have gained as buyers still in the market seek value. New home sales reported by the Census Bureau and Department of Housing and Urban Development climbed to a seasonally-adjusted annual rate of 714,000 in July, the highest level since February 2022.

Indeed, much of the 2023’s housing market story has concerned the shortage of previously-owned homes for sale, but early data show supply could be improving. New listings ticked up unexpectedly in August, Zillow said earlier this week.

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