Photo: flickr / MattZwilling
Homebuilder Lennar said its fiscal Q3 earnings fell 31% year-over-year to $20.7 million or 11 cents per share. Analysts were expecting 10 cents per share.Revenue declined 1% to $820.2 million. Deliveries fell 3% to 2,865 new homes.
However, new orders increased for the first time in more than five years.
“On an encouraging note, we have seen demand for home purchases slowly return to the marketplace, driven by low home prices and all-time low interest rates,” said CEO Stuart Miller.”
This could indicate that we are near a bottom in the US housing market. However, Miller warns that they’re not out of the woods yet.
“Limiting that demand is tight and tightening lending standards, high unemployment and low overall consumer confidence, which continue to weigh heavily on the purchase of new homes.”
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