Wednesday, September 28, 2022 6:52 am

Lennar lowers home prices in Phoenix, other US markets

Photo via Lennar Phoenix Facebook

(Disclosure: Rose Law Group represents Lennar.)

By Brian Bandell | Phoenix Business Journal

Lennar Corp., one of the nation’s largest homebuilders, has lowered home prices and boosted incentives in most of its markets nationwide — including the Phoenix metro — in response to higher interest rates.
With the Federal Reserve hiking rates again on Sept. 21, the home price adjustments will likely continue, executives with Miami-based Lennar (NYSE: LEN) said during a conference call with analysts on Thursday.
Lennar Executive Chairman Stuart Miller said the company will continue building and selling homes at the same pace, adjusting prices to keep demand strong despite higher interest rates. Because there is a housing shortage and the job market is strong, there is demand for homes but the prices have to be affordable even with mortgage rates doubling, he said.

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September 2022