CoStar News
Summary: Lennar, the largest U.S. homebuilder, reported a nearly 20% surge in orders due to a nationwide housing shortage exacerbated by higher interest rates deterring moves. Despite challenges like builder confidence declines, the company’s revenue rose 10% to $8.8 billion with earnings up 9% to $954 million in the quarter ended May 31. The market’s demand for new single-family homes remains robust, driven by limited existing home supply and builder incentives like mortgage rate reductions, reflecting ongoing strength in housing demand through the spring.