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Lennar shares building higher as new home demand boosts third quarter

Last updated: 13:24 03 Oct 2017 BST, First published: 08:24 03 Oct 2017 BST

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Lennar builds houses

Shares in housebuilder Lennar Corp (NYSE:LEN) notched up over 2% higher to US$53.90 as demand for new homes boosted its third quarter numbers.

The Miami-based group revealed that profit for the three months had risen 5.6% to $249.2mln, or $1.06 per share, on revenues which surged 15% to $3.26bn.

Deliveries of new homes ramped up 13% during the quarter, while new orders jumped 8%. The value of those new orders rose 14% to $2.9bn.

These results were supported by strong demand for homes, low unemployment, favorable interest rates and increased consumer confidence which are all signs of a very healthy homebuilding market," said chief executive Stuart Miller.

Lennar shares have risen 23% since the start of 2017.

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