Lennar Corporation has announced its financial results for the second quarter of 2025, reporting net earnings of $477 million or $1.81 per diluted share. When excluding mark-to-market losses on technology investments, net earnings were $499 million or $1.90 per diluted share. This represents a decline from the second quarter of 2024, where net earnings were $954 million or $3.45 per diluted share. The company's total revenues for the quarter amounted to $8.4 billion. Revenues from home sales decreased by 7% to $7.8 billion, down from $8.4 billion in the same quarter of the previous year. This decrease was primarily attributed to a 9% reduction in the average sales price of homes delivered, although there was a 2% increase in the number of home deliveries, which totaled 20,131 homes compared to 19,690 homes in the second quarter of 2024. Lennar's new orders saw a 6% increase, reaching 22,601 homes, while the backlog stood at 15,538 homes with a dollar value of $6.5 billion. The company recorded homebuilding operating earnings of $728 million, with a gross margin on home sales of 17.8%. Looking ahead, Lennar anticipates delivering between 22,000 and 23,000 homes, maintaining a gross margin of approximately 18%, subject to market conditions. The company also reported a strong balance sheet, having repaid $500 million of its senior notes, issued $700 million in debt, and repurchased $517 million of its common stock, ending the quarter with $5.4 billion in liquidity.