Lennar is warning that its plan to rebuild profit depends on a home sales pace that its own numbers show is slipping. New orders in its third quarter of 2026 fell about 9% from a year earlier and missed the company's own range, while revenue fell 13.3% year over year, the steepest drop in four quarters. For its fourth quarter, Lennar guides new orders to 19,500 to 20,500, below the 20,879 it booked in the third quarter, and deliveries to 22,000 to 23,000. Gross margin was 15.8% in the third quarter, up from 15.6% the quarter before, and management expects fourth-quarter gross margin to stay about where the third quarter landed. The CEO said the 30-year fixed mortgage rate is now about 7%, up from between 6.4% and 6.5% in June, and that in many of Lennar's markets almost half of visitors cannot immediately qualify for a loan. Lennar stock has lost about 41% over the past year and trades at about 0.6 times sales, roughly 3% of the way up its own 10-year range, with homebuilding debt at 16.6% of total capital.
Lennar CorporationLennar's Q3 2026 new orders fell about 9% and missed its own range, with Q4 guidance below Q3 orders.
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