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Lennar flags home demand cooldown as surging interest rates spook buyers

By Nathan Gomes and Abhijith Ganapavaram (Reuters) -U.S. homebuilder Lennar Corp (NYSE:LEN) on Tuesday warned of a downturn in home demand as red-hot prices and surging interest...
Lennar flags home demand cooldown as surging interest rates spook buyers © Reuters. FILE PHOTO: Signage is seen at The Collection at Morristown, a housing development by Lennar Corporation, in Morristown, New Jersey, U.S., November 13, 2021. REUTERS/Andrew Kelly/File Photo

By Nathan Gomes and Abhijith Ganapavaram

(Reuters) -U.S. homebuilder Lennar Corp (NYSE:LEN) on Tuesday warned of a downturn in home demand as red-hot prices and surging interest rates push buyers to the sidelines, threatening the industry's breakneck pace of profit growth.

In the sector's strongest warning so far, Lennar said any forecast at this point would amount to "guessing", even though the company preserved its delivery expectations for the full year at about 68,000 homes.

"The Fed's stated determination to curtail inflation through interest rate increases and quantitative tightening have begun to have the desired effect of slowing sales in some markets and stalling price increases across the country," Lennar Executive Chairman Stuart Miller said in a statement.

Last week, the U.S. Federal Reserve delivered its biggest interest rate hike since 1994 in a bid to tackle decades-high inflation, while mortgage rates on the most popular type of U.S. home loan marked the sharpest weekly jump in 35 years.

"LEN's earnings commentary is likely to be a bellwether for the group," Barclays (LON:BARC) analyst Matthew Bouley said in a note.

Profits at U.S. builders such as Lennar and D.R. Horton Inc are now set to slow down after nearly doubling during the pandemic, when strong demand for homes from people working remotely had driven up prices.

Lennar recorded a single-digit rise in orders for the second consecutive quarter, in another sign of slowdown.

Still, the higher home prices and demand helped Lennar report a second-quarter profit of $1.32 billion, or $4.49 per share, beating analysts' expectations of $3.96 per share, according to Refinitiv IBES data.

Revenue was $8.36 billion, above expectations of $8.08 billion.

Shares of the company were up 2% before the bell.

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30-06-2022 23:46:18 (UTC+7)

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 EUR/USD1.0476Sell
 GBP/USD1.2170↑ Sell
 USD/JPY135.74↑ Buy
 AUD/USD0.6912Sell
 USD/CAD1.2879Buy
 EUR/JPY142.18↑ Buy
 EUR/CHF0.9993↑ Sell
 Gold1,810.25↑ Sell
 Silver20.363Neutral
 Copper3.7092↑ Sell
 Crude Oil WTI107.53↑ Buy
 Brent Oil110.67↑ Buy
 Natural Gas5.671↑ Sell
 US Coffee C230.58↑ Buy
 Euro Stoxx 503,454.86↑ Buy
 S&P 5003,811.10Buy
 DAX12,783.77Neutral
 FTSE 1007,169.28Sell
 Hang Seng21,859.79Sell
 Small Cap 20001,717.50Neutral
 IBEX 358,098.70Sell
 BASF41.525↑ Buy
 Bayer56.72Neutral
 Allianz182.12Sell
 Adidas168.76Buy
 Lufthansa5.564↑ Buy
 Siemens AG97.09↑ Sell
 Deutsche Bank AG8.318Neutral
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# So hôm qua # Chênh TG
SJC Eximbank6,810/ 6,870
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