Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 121

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 8
Chunk 121
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97,300 89,300 11.7 %14.6 %Total$60,600 50,600 12.9 %10.9 %

(1) Sales incentives relate to home deliveries during the period, excluding deliveries by unconsolidated entities.

New Orders (2):

First Quarter20252024202520242025202420252024Active CommunitiesHomesDollar Value (In thousands)Average Sales PriceEast330 284 3,974 4,383 $1,526,559 1,851,718 $384,000 422,000 Central447 340 4,639 4,417 1,835,498 1,764,896 396,000 400,000 South Central387 233 4,921 4,431 1,172,861 1,119,999 238,000 253,000 West418 368 4,811 4,927 2,888,650 2,996,239 600,000 608,000 Other2 2 10 18 7,164 9,530 716,000 529,000 Total1,584 1,227 18,355 18,176 $7,430,732 7,742,382 $405,000 426,000 

Of the total homes listed above, 101 homes with a dollar value of $59.9 million and an average sales price of $593,000 represent homes in 11 active communities from unconsolidated entities for the three months ended February 28, 2025, compared to 46 homes with a dollar value of $25.2 million and an average sales price of $548,000 in six active communities for the three months ended February 29, 2024.

(2)Homes represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three months ended February 28, 2025 and February 29, 2024.

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

First Quarter20252024East16 %16 %Central11 %11 %South Central16 %17 %West11 %11 %Other23 %5 %Total14 %14 %

Backlog:First Quarter2025 (1)202420252024