Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 62

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 62
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 of new sales contracts executed with homebuyers, net of cancellations, during the three and six months ended May 31, 2025 and May 31, 2024.

We experienced cancellation rates in our Homebuilding segments and Homebuilding Other as follows:

Three Months EndedSix Months EndedMay 31,May 31,2025202420252024East14 %17 %15 %17 %Central10 %9 %10 %10 %South Central16 %16 %16 %17 %West13 %11 %12 %11 %Other13 %13 %19 %9 %Total14 %13 %14 %14 %

Backlog (3):At May 31,2025 (1)20242025202420252024HomesDollar Value (In thousands)Average Sales PriceEast3,825 5,744 $1,530,495 2,432,505 $400,000 423,000 Central4,781 5,130 1,937,087 2,171,264 405,000 423,000 South Central3,430 2,607 815,681 663,648 238,000 255,000 West3,500 4,383 2,200,051 2,962,332 629,000 676,000 Other2 9 1,176 3,586 588,000 398,000 Total15,538 17,873 $6,484,490 8,233,335 $417,000 461,000 

Of the total homes in backlog listed above, 128 homes with a backlog dollar value of $101.4 million and an average sales price of $792,000 represent the backlog from unconsolidated entities at May 31, 2025, compared to 120 homes with a backlog dollar value of $61.5 million and an average sales price of $513,000 at May 31, 2024.

(3) During the six months ended May 31, 2025, backlog includes 914 acquired homes of which 186, 717 and 11 homes were in the Central, South Central and West homebuilding segments, respectively.

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Backlog represents the number of homes under sales contracts. Homes are sold using sales contracts, which are generally