(Disclosure: Rose Law Group represents Lennar.)
By Vincent Salandro | Builder
Lennar reported positive growth in deliveries in both the fourth quarter and the full fiscal year. However, in a reflection of current affordability challenges, the builder’s revenue declined in both the fourth quarter and full fiscal year in part due to double digit declines in average sales price and heavy financial incentives.
In the fourth quarter, the average sales price for Lennar ($386,000) was 10.2% lower than in the fourth quarter of 2024. For the full year, the average sales price of homes delivered declined to $391,000 from $423,0000 in 2024. Executive chairman and co-CEO Stuart Miller said the builder maintained approximately 14% in incentives and price adjustments in the quarter.
“Even as interest rates moved slightly lower in our fourth quarter, the overall market remained challenged,” Miller said. “Accordingly, our fourth quarter and full year 2025 results reflect a disciplined commitment to increasing housing supply in a market constrained by affordability challenges, as well as weak consumer confidence.”
