Share this article!

Lennar (LEN) reported a slowdown in new home orders in its fourth-quarter as the housing market remains in correction mode.

Lennar said this week new home orders dipped 15% year-over-year in the fourth quarter, reaching 13,200 homes, beating estimates for 12,854 to be delivered.

The homebuilder posted quarterly results that topped Wall Street expectations, with earnings per share coming at $5.02 compared to $4.89 consensus estimates compiled by Bloomberg.

Revenue in the quarter totaled to $10.17 billion, up from the $10.14 billion expected by analysts. The company delivered 20,064 homes, up 13% over last year, and in line with their quarterly forecasts.

Shares of Lennar rose 3% on Thursday following the earnings call, but were down 2% on Friday amid broader market weakness. Lennar shares are down about 20% this year with the S&P Homebuilders ETF (XHB) off about 28% in 2022.