Lennar Q3 2024 Preview: Asset-Light Shift Boosts Outlook, But Valuation Is Stretched

Brett_HondowThe housing market has been surprisingly strong in this interest rate cycle. The strong demand for new homes coupled with a chronic supply shortage has paved the way for homebuilders to enjoy robust sales growth, healthy margins, and improved profitability. Leading U.S. homebuilders have been the biggest winners in this cycle. Although I invested in a few homebuilders back in 2020 during the Covid crash, I distanced myself from this industry last year as I thought growth would be limited. A  ...