Lennar reduced its full-year home delivery target to approximately 82,000 to 83,000 units, down from the previous forecast of about 85,000 homes. The Miami-based homebuilder pointed to ongoing housing-market difficulties as the primary driver for the revision, with second-quarter revenue declining amid challenging conditions.

High mortgage rates and persistently low affordability continue to pressure the housing sector, according to CEO Stuart Miller. He described the second quarter of fiscal year 2026 as marked by stubborn headwinds that have weighed on the market for years, with inflation and geopolitical uncertainty further complicating the outlook.

Miller emphasized the company's focus on increasing volumes while delivering homes at lower price points. Despite the challenges, he maintains confidence in long-term housing market opportunities. Lennar plans to release an investor presentation Friday outlining its strategy for margin recovery.

The reduced guidance signals continued caution in the residential construction sector as builders navigate elevated financing costs and uncertain economic conditions. Investors will watch closely for signs of stabilization in upcoming quarters.