Lennar Just Told Us What New Homes Cost Once You Subtract the Discounts
Lennar's fiscal third quarter filing, released September 16, 2026, put the average sales price of its homes at $372,000 after approximately 12.0 percent in incentives. Read that carefully: the country's largest budget to mid-market builder is conceding that roughly one dollar in eight of the nominal price never gets collected. The sticker price on a new home and the price a buyer actually pays have come apart, and this quarter's numbers say they have come apart by more than at any point in the current cycle.
The rest of the filing explains why. Deliveries came in at 20,840 homes, down from 21,584 a year earlier, while gross margin on home sales fell to 15.8 percent from 17.5 percent in the fi…
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