Photo courtesy of Lennar
(Disclosure: Rose Law Group represents Lennar.)
By Vincent Salandro | Builder
In a fiscal quarter that remained “constructive” for home builders, Lennar reported “solid third quarter” results that reflect the home builder’s strategic focus and execution, according to Stuart Miller, executive chairman and co-CEO.
During the company’s earnings call, Miller said strategic initiatives included balancing and maintaining production and sales pace, reducing cycle times, increasing cash flow, improving inventory turns, and driving a strong company bottom line.
Miller said despite an uptick in interest rates in August, Lennar was able to continue to drive sales pace through the conclusion of the fiscal third quarter.
“The Fed continued to use tighter money supply and higher interest rates as tools to battle inflation, while enabling continued economic growth. At the same time, short housing supply, absorbed by strong primary and pent-up demand, continued to define a strong sales environment,” said Miller. “Home builders continued to use incentives, including buydowns, to offset rising interest rates and tighter capital, which limit affordability.”
