Lennar posts lower quarterly profit on sustained market weakness
Lennar Corp reported lower first-quarter profit on Thursday, as high mortgage rates and house prices deterred potential buyers, sending shares down 4% after the bell. "While demand remains strong, persistently higher interest rates and inflation, combined with a downturn in consumer confidence and a limited supply of affordable homes, made it increasingly difficult for consumers to access homeownership," said co-CEO Stuart Miller. For the first quarter ended February 28, Lennar reported a decline in average sales price to $408,000, 1% lower than last year, reflecting continued weakness in the market.
