"This weaker housing demand environment is causing unsold inventory to tick up, with unsold completed new single-family homes in the U.S. rising significantly."
"Lennar co-CEO Jon Jaffe emphasized a slow start to the spring selling season, contradicting the seasonal pickup usually seen, highlighting industry challenges."
"Lennar's spending on buyer incentives has significantly increased, from 1.5% in Q2 2022 during the pandemic boom to 13% last quarter."
"Lennar adjusts its strategies with mortgage rate buydowns, price reductions, and closing cost assistance to adapt to the current housing demand landscape."
Lennar co-CEO Jon Jaffe reported a sluggish start to the spring 2025 selling season, which has led to a rise in unsold new single-family homes. The company has adjusted its sales strategy by increasing buyer incentives dramatically, from 1.5% to 13% of sales. Unsold inventory has grown sharply, with February 2025 reporting 119,000 unsold homes, the highest level since July 2009. This trend highlights a challenging environment for new construction and could signal ongoing issues in the housing market.
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