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Summary
Lennar Corp. based in Miami, is one of the two largest builders of homes based on the purchase of CalAtlantic and 59,825 closings, across approximately 20 states, in FY21. Rival D.R. Horton actually delivered more homes in FY21, but Lennar ranks close in revenue, helped by an average sales price that is about $100,000 higher. The company’s East region is its biggest, accounting for 32% of deliveries. Lennar builds step-up (68% of closings), entry level (28%) and retirement (4%) homes, with an average selling price of $424,000. The company also provides mortgage financing. Lennar’s Multifamily business develops and manages apartment complexes through joint ventures. Homebuilding represented $25.35 billion of the company’s $25.55 billion in FY21 revenue. It is also the biggest contributor to pretax earnings. The company’s fiscal year ends on November 30.
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