By Lisa Beilfuss and Kris Hudson | The Wall Street Journal
Home builder Lennar Corp. posted double-digit percentage gains in new orders, deliveries and net income for its fiscal third quarter, underscoring a sustained but unspectacular recovery in the U.S. new-home market.
Lennar Chief Executive Stuart Miller described the market as improving in a “slow and steady manner” in Lennar’s quarter ended Aug. 31, echoing what the Federal Reserve’s monetary policy-setting arm said in its statement last week. Miami-based Lennar, the second-largest U.S. home builder by houses constructed, behind D.R. Horton Inc., posted a 10% increase in orders from a year earlier, a 16% increase in deliveries of completed homes and a 5% increase in average price, to $350,000.
