Key Takeaways Lennar shares dropped 11.3% post-Q3 earnings, with EPS and revenues down 48.7% and 6.4% year over year.LEN's ASP fell 6.7% to $393K, with Q4 guidance at $380K-$390K, as pricing cuts pressure profitability.Gross margin shrank 430 bps to 18%, and FY25 EPS estimates slid to $8.58 amid ongoing housing softness.Lennar Corporation (LEN) has trended downward 11.3% since announcing its third-quarter fiscal 2025 earnings. It has outperformed the Zacks Building Products - Home Builders industry, but is ...

Core Points - Lennar Corporation is offering to exchange its approximately 20% ownership in Millrose Properties, Inc. for shares of its own Class A common stock, with the Exchange Offer starting immediately and expiring on November 7, 2025, unless extended or terminated [1][2][5] - The Exchange Offer allows Lennar stockholders to exchange shares at a 6% discount, with a limit of 4.1367 shares of Millrose Class A common stock for each share of Lennar Class A common stock tendered [2][3] - The final exchange ratio will be determined based on the average daily volume-weighted average prices of both companies' Class A common stocks on the NYSE during the three trading days prior to the expiration date [3] Exchange Offer Details - The Exchange Offer is registered under the Securities Act of 1933, with a registration statement filed by Millrose with the SEC [4] - The completion of the Exchange Offer is contingent upon the effectiveness of the Registration Statement, which may be delayed due to the current U.S. federal government shutdown [5][6] - Lennar currently holds 33,298,764 shares of Millrose Class A common stock, representing about 20% of the total outstanding shares, and plans to dispose of any unexchanged shares through various methods if the Exchange Offer is not fully subscribed [7] Participation and Advisors - The Exchange Offer is voluntary for Lennar Class A stockholders, and no action is required for those who choose not to participate [8] - Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as dealer managers for the Exchange Offer, while Vestra Advisors, LLC serves as the exclusive financial advisor to Millrose [8]

Photo by Madeline Gray for The Washington Post via Getty Images All-cash buyers are reshaping America's real estate market. Key Takeaways All-cash buyers made up almost 33% of all housing sales in the first half of 2025, continuing a pandemic-era trend that has frustrated other buyers, according to a Realtor.com report. High mortgage rates have made it difficult for many would-be buyers to break into the market, giving an advantage to buyers with significant housing equity or high wealth. More than h ...

SAN DIEGO, CA / ACCESS Newswire / October 6, 2025 / (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an internally managed, diversified real estate investment trust ("REIT") announced that in the third quarter of 2025, through subsidiary and affiliate entities, have sold three homes for a total of approximately $1.6 million. These homes were purchased between 2022 and 2023 with a total acquisition price of approximately $1.7 million. ...

Valued at $26.6 billion by market cap, PulteGroup, Inc. (PHM) is one of the largest U.S. homebuilders, founded in 1950. The Atlanta, Georgia-based company sells and constructs homes, and purchases, develops, and sells residential land and develops active adult communities. PHM also provides mortgage financing, title insurance, and other services to home buyers. The homebuilding powerhouse is expected to announce its fiscal second-quarter earnings for 2025 before the market opens on Tuesday, Oct. 21. Ahead ...

Tyler Crowe: A housing market deep dive with predictions and more. This is Motley Fool Money. Welcome to Motley Fool Money. I'm Tyler Crowe, and today, I'm going to be joined by longtime Fool contributors, John Cost and Matt Frankel. Now, I know we call it earnings season, but earning season never really ends because there's always somebody reporting something. We've actually had a couple Home Builders report recently. We're going to use this as a chance to dive into the industry, and we'll also wrap up tod ...

Group 1 - Pending home sales in August rose 4% from July and were 3.8% higher year-over-year, indicating strong market performance [1] - Mortgage rates in August were slightly lower than in July, contributing to the increase in signed contracts for home sales [2] - A survey of realtors indicated that 19% expect an increase in buyer traffic over the next three months, up from 16% the previous month [3] Group 2 - Inventory in August fell for the first time since the beginning of the year, suggesting a tightening market [4] - Sales increased in three out of four regions, with the Midwest showing the strongest performance due to lower home prices [4]

Core Viewpoint - The real estate sector is currently one of the worst-performing sectors, with homebuilders in correction territory, indicating a decline of 10% or more from their 52-week highs [1][2]. Company Performance - KB Home reported a strong quarter, beating all key performance indicators (KPIs) including deliveries, revenue, gross margin, operating margin, and earnings per share (EPS) [3]. - Despite a slight reduction in their sales forecast, KB Home noted stabilization in the housing market, particularly in key markets like Florida and Texas [4]. - The company is implementing significant incentives to stimulate demand, which has led to a decrease in average selling prices (ASPs) [6]. Market Outlook - There is a belief that the recent cuts in estimates by KB Home and Lenar may be the final adjustments, suggesting a potential bottoming out of the market [4]. - The outlook for 2026 is considered to be much better for housing compared to 2025, with increasing conviction in this perspective [5]. - If mortgage rates stabilize or decline, it could significantly enhance profitability for builders, with a projected 30% upside for KB Home under current rate conditions [7]. Industry Trends - Builders are currently facing pressure to lower prices to stimulate demand, with a noted year-on-year decline of 9% in ASPs for Lenar [5]. - The industry is optimistic about the potential for a strong off-season later in the year, with bullish sentiments across various builders [9].

Core Viewpoint - KB Home is facing challenges due to high mortgage rates and affordability issues, impacting demand and profit margins, while RBC Capital maintains a "Sector Perform" rating with a slight increase in price target from $58 to $59 [2][6]. Company Overview - KB Home is a significant player in the homebuilding industry, constructing various homes across the United States, competing with major builders like Lennar and D.R. Horton [1]. - The current stock price of KB Home is $63.69, reflecting a modest increase of 2.09% or $1.31 [3]. Market Conditions - High mortgage rates and affordability issues are particularly affecting first-time buyers, leading to a squeeze in profit margins for KB Home [2][6]. - The company's backlog is shrinking, and it is exposed to weaker geographic markets, raising concerns about its future performance [3]. Financial Performance - KB Home's reduced sales guidance suggests potential performance softness through 2026, with a need for mortgage rates to fall below 6% for significant improvement [3][5]. - The company has a market capitalization of approximately $4.33 billion, with trading volumes reflecting investor interest at 402,730 shares [4]. Strategic Measures - To mitigate the impact of current challenges, KB Home is implementing cost control measures and stock buybacks [4][6]. - Over the past year, KB Home's stock has experienced significant volatility, with a high of $86.73 and a low of $48.90, indicating both challenges and opportunities in the housing market [5].

Core Insights - Home sales are experiencing a slowdown as buyers face a competitive market, leading to tepid activity in the housing sector [1] Group 1: Market Conditions - The current housing market remains highly competitive, which is impacting the ability of some home buyers to make purchases [1] Group 2: Buyer Challenges - Many potential home buyers are struggling to navigate the competitive landscape, resulting in a lack of significant movement in home sales [1]