Builder Lennar Says Demand Is Growing for Homes

Miami, FL, Sept. 19, 2011 -- Homebuilder Lennar Corp. said it earned $20.7 million, or $0.11 a share, for the three months ended Aug. 31, compared with net income of $30 million, or $0.16 cents a share, a year ago.

Lennar said it sold fewer homes in the quarter, although demand is growing thanks to low home prices and low interest rates.

Revenue fell 1% to $820.2 million from $825 million.

Home deliveries fell 3% to 2,865 homes, while new orders rose 11% to 2,914 homes.