Homebuilder Lennar Just Reported A Huge Spike In New Orders

Lennar Corp

Photo: AP Images

Lennar reported a 40 per cent jump in new orders, and its stock has spiked five per cent in pre-market trading on the solid second-quarter earnings.Gross margin on home sales was reported at 22.5 per cent, up 310 basis points from last year’s second quarter. Overall, revenues rose 22 per cent up to $930.2 million. 

Lennar’s improvement is a major housing bellwether, so the great earnings report is a great sign for the housing market.

“Evidence from the field suggests that the ‘for sale’ housing market has, in fact, bottomed and that we have commenced a slow and steady recovery process. And while the housing downturn was broad-based and national, the recovery process continues to be very localised,” said Stuart Miller, Chief Executive Officer.

More to come…

Click here for updates >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.