Miami-based homebuilder Lennar Corp. completed fewer home sales in South Florida in the third quarter but its national sales were up across the country. Lennar, the second largest home builder in the nation, posted net income of $223.3 million for the third quarter ending Aug. 31 up from $177.8 million. Lennar’s revenue surged 24 percent to $2.5 billion while home deliveries grew 16 percent to 6,318 and new orders increased 10 percent to 6,495. The average sales price of its homes grew 5 percent.
“During the third quarter, the housing market continued to improve in its slow and steady manner, as demonstrated in the past few years,” Lennar CEO Stuart Miller said. “The new home and rental markets continued to have significant pent-up demand, which positions us well for years to come. This demand is driven primarily by a large production deficit built up over the last several years, an increasing millennial population, reasonable affordability levels and high-rental occupancy rates.”
