March 20 - Lennar, the No. 3 U.S. homebuilder, has a demand backlog worth $1.5 billion, as new orders rose 34 percent to 4,055 homes. Conway G. Gittens reports.
The Daily Digit is $1.5 billion. That is Lennar's backlog at the end of the quarter. The No. 3 U.S. homebuilder reported stellar results on Wednesday and said new orders rose 34 percent to 4,055 homes, worth $1.5 billion. The fat number comes amid a spike in home sale closings and higher prices Falling home inventories, lower interest rates, rising rents and fewer competing homebuilders have created a supply crunch, which also helped. In the end, Lennar's first-quarter revenues surged 37 percent to just under $1 billion and net profit tripled to $57-1/2 million, well above market expectations. Lennar is benefiting from a housing market recovery. Latest data show groundbreaking on new homes rose in February and permits for future construction climbed to the highest level since 2008.