Stuart Miller on housing supply shortage
From Lennar Corp ($LEN) Q3 2025 Earnings Call · · Castify Earnings Call
“I do suggest that if you want to better understand the conundrum of the housing market, read the book Abundance by Ezra Klein to better understand that housing has a long-term future defined by both structurally short supply and not just growing demand, but growing need for housing as well. The current environment is all about recognizing that short supply is keeping prices higher and that only lower prices driven enabled by lower cost structures will achieve affordability.”
On , Stuart Miller, Co-CEO & Executive Chairman at Lennar Corp, spoke about housing supply shortage during Lennar Corp ($LEN) Q3 2025 Earnings Call on Castify Earnings Call.
About Stuart Miller
Stuart Miller, Co-CEO and Executive Chairman of Lennar, stated during the company’s Q3 2025 earnings call that Lennar would reduce its delivery expectations for the fourth quarter to 22,000–23,000 homes and its full-year expectation to 81,500–82,500 homes, describing it as “an opportune time to pause and let the market catch up a little bit.” He said the company is not constrained by its land relationships and has the ability to pause or walk away from programs as market conditions change. Miller also expressed confidence that OpenDoor, under its new CEO Kaz, would be a contributing partner in Lennar’s technology evolution. In Q4 2025, Miller described the housing market as entrenched in an affordability crisis, noting that some advocate for “sweeping and sometimes quote unquote socialist solutions” while the “capitalist framework” has yet to present practical strategies to restore affordability. He said he is confident housing will emerge as a central element in addressing the crisis, as the federal government recognizes housing’s role in the economy and family well-being. In Q1 2025, Miller noted that interest rates have been higher for longer, weakening consumer confidence and slowing demand, and that Lennar is intensifying its focus on an asset-light land model to become a pure-play home builder. He reported that sales incentives rose to approximately 13% in the first quarter, about 700 basis points above normal, to enable affordability.