Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 151

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 151
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 to product mix. For the year ended November 30, 2024, a decrease in revenues per square foot was more than offset by a decrease in costs per square foot. In addition, land costs increased year over year. Overall, this resulted in a decrease in gross margin percentage of home deliveries.

Homebuilding Texas: Revenues from home sales increased in 2024 compared to 2023, primarily due to an increase in the number of home deliveries, which was partially offset by a decrease in the average sales price of homes delivered. The increase in the number of home deliveries was primarily due to an increase in the number of active communities. The decrease in the average sales price of homes delivered was primarily due to pricing to market. For the year ended November 30, 2024, a decrease in revenues per square foot was partially offset by a decrease in costs per square foot. In addition, land costs increased year over year. Overall, the gross margin percentage of home deliveries decreased year over year. 

Homebuilding West: Revenues from home sales increased in 2024 compared to 2023, primarily due to an increase in the number of home deliveries in all the states in the segment except in Colorado, which was partially offset by a decrease in the average sales price of homes delivered in Arizona, Colorado and Washington. The increase in the number of home deliveries in Arizona, California, Idaho, Nevada, Oregon, Utah and Washington was primarily due to an increase in the number 

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of active communities. The decrease in the number of home deliveries in Colorado was primarily due to a decrease in the number of active communities due to the timing of opening and closing of communities. The decrease in the average sales price of homes delivered in Arizona, Colorado and Washington was primarily due to pricing to market through an increased use of incentives and product mix. The increase in the average sales price of homes delivered in California, Idaho, Nevada, Oregon and Utah was primarily due to product mix. For the year ended November 30, 2024, an increase in revenues per square foot and a decrease in costs per square foot resulted in an increase in gross margin percentage of home deliveries. In addition, land costs increased year over year. 

Financial Services Segment

Our Financial Services reportable segment primarily provides mortgage financing, title and closing services primarily for buyers of our homes, as well as property and casualty insurance. The segment also originates and sells into securitizations commercial mortgage loans through its LMF Commercial business. Our Financial Services segment sells substantially all of