Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 64

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 64
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 increase in the number of homes delivered in all states in the segment, partially offset by a decrease in the average sales price of homes delivered. The overall increase in the number of homes delivered was primarily due to an increase in the number of active communities including communities acquired from Rausch. The decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix and product mix. In the second quarter of 2025, 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 homes delivered decreased year over year. 

Homebuilding West: Revenues from home sales decreased in the second quarter of 2025 compared to the second quarter of 2024, primarily due to decreases in the number of homes delivered in all the states in the segment except in Idaho and Utah and in the average sales price of homes delivered in all the states in the segment except California and Idaho. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of deliveries per active community due to the timing of opening and closing of communities. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives. In the second quarter of 2025, 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 homes delivered decreased year over year. 

Six Months Ended May 31, 2025 versus Six Months Ended May 31, 2024 

Homebuilding East: Revenues from home sales decreased in the six months ended May 31, 2025 compared to the six months ended May 31, 2024, primarily due to decreases in the number of homes delivered in all the states in the segment and the average sales price of homes delivered in all the states in the segment except in New Jersey. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of homes delivered per active community due to the timing of opening and closing of communities. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the six months ended May 31, 2025, a decrease in revenues per square foot was partially offset by a decrease in costs per square foot