Lennar Narrows Loss But Misses Target

Much of the company's quarterly loss was due to new land impairment charges and writedowns to joint ventures, which together totaled $137 million.

Lennar's gross margin on home sales improved to 8.7%, compared with 7.2% a year ago, as the company benefited from selling land and homes that were written down in value a year ago.

Selling costs increased to 15.4% of revenue, compared with 14.7% a year earlier.

Later on Thursday, the National Association of Realtors will report existing-home sales data for May.

Yesterday, the Census Bureau said inventories of homes totaled 10.9 months of supply in May, up from 10.7 months in April. New-home sales across the U.S. fell 2.5% in May (from April), but were down 40.3% from a year earlier.

New-home sales across the U.S. remain slightly above the levels of the 1991 recession.

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