By Keith Larson | The Real Deal
The novel Coronavirus is a “circuit breaker” that will have profound implications on the market, but with low interest rates people are still buying homes, Lennar Corp.’s executive chairman Stuart Miller said on a conference call with analysts.
Miami-based Lennar, one of the country’s largest homebuilders, reported its first quarter earnings on Thursday, but its executives talked mostly about how the company and the housing market will fare during the economic fallout from the pandemic. The company announced it will suspend guidance in light of the crisis.
Miller said Lennar is working on new ways for buyers to buy homes, including through the company’s digital programs as well as drive-through closings, where homebuyers can close on a home through their car.
“Even in the current environment, we are selling homes, people are attracted to the safety and security of our homes,” Miller said in the conference call. “Since the end of the first quarter, new orders continue to be strong.”
