Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 150

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 2
Chunk 150
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302 62,039 1,028,796 

(1)Net margins on sales of homes include selling, general and administrative expenses.

(2)Negative gross and net margins were due to period costs and/or impairments in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.

Summary of Homebuilding Data

Deliveries:

First Quarter202520242025202420252024HomesDollar Value (In thousands)Average Sales PriceEast4,311 4,583 $1,668,880 1,905,846 $387,000 416,000 Central4,029 3,701 1,557,555 1,440,429 387,000 389,000 South Central4,730 4,263 1,160,523 1,070,159 245,000 251,000 West4,756 4,238 2,888,685 2,521,491 607,000 595,000 Other8 13 5,886 6,817 736,000 524,000 Total17,834 16,798 $7,281,529 6,944,742 $408,000 413,000 

Of the total homes delivered listed above, 80 homes with a dollar value of $41.0 million and an average sales price of $512,000 represent home deliveries from unconsolidated entities for the three months ended February 28, 2025, compared to 77 home deliveries with a dollar value of $43.0 million and an average sales price of $558,000 for the three months ended February 29, 2024.

31

 Sales Incentives (1):

First Quarter2025202420252024Average Sales Incentives PerHome DeliveredSales Incentivesas a % of RevenueEast$67,400 46,500 14.9 %10.1 %Central50,600 46,500 11.6 %10.7 %South Central58,400 54,900 19.2 %18.0 %West65,300 54,200 9.7 %8.4 %Other97,300 89,300 11.7 %14.6 %Total$60,600 50,600 12.9 %10.