Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 50

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 50
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11 %11 %South Central16 %17 %West11 %11 %Other23 %5 %Total14 %14 %

Backlog:First Quarter2025 (1)20242025202420252024HomesDollar Value (In thousands)Average Sales PriceEast2,999 6,310 $1,333,063 2,632,787 $445,000 417,000 Central4,045 3,949 1,684,706 1,722,219 416,000 436,000 South Central3,027 2,063 725,427 525,781 240,000 255,000 West3,071 3,940 2,021,262 2,547,090 658,000 646,000 Other3 8 1,626 4,241 542,000 530,000 Total13,145 16,270 $5,766,084 7,432,118 $439,000 457,000 

Of the total homes in backlog listed above, 100 homes with a backlog dollar value of $82.7 million and an average sales price of $827,000 represent the backlog from unconsolidated entities at February 28, 2025, compared to 116 homes with a backlog dollar value of $57.5 million and an average sales price of $495,000 at February 29, 2024.

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(1) As of February 28, 2025, backlog includes 980 homes acquired in connection with the Rausch Coleman Homes acquisition. Of the homes in backlog, 214 and 766 homes were in the Central and South Central homebuilding segments, respectively. As of February 28, 2025, backlog also includes 11 homes acquired from a small builder in the West homebuilding segment.

Backlog represents the number of homes under sales contracts. Homes are sold using sales contracts, which are generally accompanied by sales deposits. In some instances, purchasers are permitted to cancel sales contracts if they fail to qualify for financing or under certain other circumstances. Various state and federal laws and regulations may sometimes give purchasers a right to cancel contracts homes in backlog. We do not recognize revenue on homes under sales contracts until the sales are closed and title passes to the new homeowners.

Three Months Ended February 28, 2025 versus Three Months Ended February