Lennar Corp. reported a revenue miss in its third-quarter earnings analyzed on September 20, 2026. New orders fell 9% year-over-year. Deliveries decreased 3% during the same period.
Executive Chairman Stuart Miller identified high mortgage rates and home prices as primary drivers of the decline. Nearly 50% of potential buyers in several markets currently fail to qualify for mortgages. Lennar is implementing price cuts and buyer incentives to address these headwinds.
The industry-wide softening is prompting builders to reduce construction activity. Zillow economists noted a decline in single-family completions and permits. This trend could lead to a long-term housing supply shortage if demand eventually rebounds.