Miami-based homebuilder Lennar Corp. reported second quarter earnings well above expectations as the pace of sales of its homes rose rapidly. Lennar reported net income of $183 million, or 79 cents a share, for its second quarter ended May 31 up from earnings of $137.7 million in the same period a year ago. Lennar revenues surged 32 percent, to $2.4 billion, thanks to higher home sales volume and pricing. The company delivered 6,015 homes during the second quarter, up 21 percent, and took orders for 7,271 homes, up 18 percent. Lennar also reported that the average sales price of homes it delivered was $348,000, a company record.
“The homebuilding market continued its steady improvement throughout our second quarter,” Lennar Chairman and CEO Stuart Miller said. “Driven by higher wages and employment, reasonable affordability levels, supply shortages and favorable monthly payment comparisons to rentals, the homebuilding market is well positioned for multi-year growth ahead.”
