Homebuilder Lennar: Cancellation Rates Explode [Q3 Earnings Report]

One of the nation’s largest homebuilders, Lennar released their Q3 2022 earnings report and noted a decrease in home buyer traffic, more cancellations, price reductions and an increase in builder incentives (such as mortgage rate buydowns) to buyers in order to drive sales. Lennar also identified the US markets that have been most impacted by this housing market slowdown.

Also, here’s a stat I didn’t mention in today’s video:
Q2 2022: cancellation rate = 11.8% (“significantly below long term average”)
Q3 2022: cancellation rate = 21% (“slightly above our historical average)

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Compilation of Housing Market Forecast videos:

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.8% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

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#homebuilder #Lennar #newhome