Lennar says Q3 results reflect ‘continuing softening’ of market conditions

Says going to begin to ‘ease back’ delivery expectations in Q4. Says drove sales pace to match production pace. Says believes company has ‘gotten ahead of current market realities’. Says will remain focused on volume and even flow production. Says macro economy ‘remained challenging’ throughout Q3. Says consumer confidence ‘remained challenged’. Says possibly getting closer to 6% mortgage rate and consumer return to the market. Says demand is still high, but affordability and waning confidence have been constraining that demand. Says supply ‘remains constrained’. Says low supply fuels high prices and high prices lock out many buyers. Says expects margins to come in at 17.5% in Q4. Expects average sales price between $380,000-$390,000. Says expects 81,500-82,500 deliveries for FY25. Says ‘optimistic’ about future. Comments taken from Q3 earnings conference call.