Lennar Q3 Profit Falls 52% as Rates, Affordability Squeeze Margins
Miami – September 20, 2026 -- Lennar Corporation posted third-quarter net earnings of $284 million, or $1.19 per diluted share, down from $591 million, or $2.29 per share, a year earlier, as rising mortgage rates and weakening affordability cut into homebuilder margins.
New orders drop 9% as buyers retreat from higher rates
New orders fell 9% to 20,879 homes in the quarter ended September 20, 2026, while deliveries declined 3% to 20,840 homes, within the company's guided range of 20,500 to 21,500. Total revenues reached $8.0 billion, with revenues from home sales down 6% to $7.7 billion on a 3% drop in average sales price to $372,000 from $383,000 a year ago.