Lennar Lowers Full-Year Home Delivery Target Amid Declining Q3 Earnings
Homebuilder Lennar has cut its full-year home delivery target for the second time in response to rising mortgage rates and deteriorating market conditions. The company now expects between 80,000 and 81,000 deliveries by year-end, down from a prior forecast of 82,000–83,000 homes. Third-quarter earnings fell significantly compared to the same period in 2025 due to lower home sales volumes and pricing pressures. Lennar reported net earnings of $1.19 per diluted share for Q3, down from $2.29 a year earlier. Adjusted earnings were slightly below analyst expectations at $1.23 per share versus the projected $1.28. Revenue also declined to $8.05 billion in Q3 2026 compared with $8.81 billion in Q3 2025, missing forecasts of $8.32 billion. The company attributed its performance challenges to higher mortgage rates and reduced consumer confidence affecting affordability. Lennar also noted a need for price adjustments and incentives to maintain sales volume amid these headwinds.
Tickers: $LEN
Topics: Company Performance Consumer Confidence Homebuilding Mortgage Rates