Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 149

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 149
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 the number of new sales contracts executed with homebuyers, net of cancellations, during the three and nine months ended August 31, 2025 and 2024.

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

Three Months EndedNine Months EndedAugust 31,August 31,2025202420252024East14 %16 %15 %16 %Central12 %11 %11 %10 %South Central16 %17 %16 %17 %West14 %14 %13 %12 %Other20 %30 %19 %14 %Total14 %14 %14 %14 %

Backlog (3):At August 31,202520242025202420252024HomesDollar Value (In thousands)Average Sales PriceEast4,720 5,115 $1,821,044 2,222,250 $386,000 434,000 Central4,862 5,025 1,868,613 2,075,185 384,000 413,000 South Central4,072 2,757 892,312 694,104 219,000 252,000 West3,299 4,037 2,066,021 2,753,198 626,000 682,000 Other— 10 — 2,805 — 280,000 Total16,953 16,944 $6,647,990 7,747,542 $392,000 457,000 

Of the total homes in backlog listed above, 86 homes with a backlog dollar value of $93.1 million and an average sales price of $1.1 million represent the backlog from unconsolidated entities at August 31, 2025, compared to 110 homes with a backlog dollar value of $80.7 million and an average sales price of $734,000 at August 31, 2024.

(3) During the nine months ended August 31, 2025, backlog includes 909 acquired homes of which 181, 717 and 11 homes were in the Central, South Central and West homebuilding segments, respectively.

38

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