The housing market appears to be slowing, and Hurricane Florence has added a further impediment to growth. Thus Lennar Corp. has lowered its guidance on orders and deliveries through the end of the year. Reuters reports:
Lennar Corp (LEN.N), the No. 2 U.S. homebuilder, cut its forecast for fourth-quarter orders and deliveries on Wednesday, citing the impact of Hurricane Florence and sluggishness in the market.
The Miami-based builder expects fourth-quarter deliveries to be 14,500, down from its previous forecast of 15,000, company executives said on a post-earnings call with analysts.
It also lowered its orders forecast for the quarter to 11,400 homes from 11,600.
In the third quarter, orders, a key indicator of future demand, rose 61.9 percent to 12,319 homes, but missed analysts’ estimate of 12,546 homes, according to Thomson Reuters I/B/E/S.
