Lennar sales soar on housing rebound

US home builder Lennar reported a +29% year-on-year increase in revenues for the nine months ended 31 August, 2012, to US$ 2.3 billion.

Net income for the period stood at US$ 555 million, compared to US$ 62 million for the same period in 2011. At the end of August, the company had a backlog of 4,513 homes on its books - up +79% year-on-year and representing a value of US$1.3 billion.

Lennar CEO Stuart Miller said, "The housing market has stabilised and the recovery is well underway. Low mortgage rates, affordable home prices, increased buyer confidence and an extremely favourable rent-to-own comparison are driving growth in each of our markets. Additionally, reduced foreclosures and declining distressed home inventory are further contributing to the improvement in the housing market."