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Orders Rise at Lennar, KB Home

Both homebuilders say second-quarter orders post year-over-year increases.


(LEN) - Get Lennar Corporation Class A Report

said new home orders rose 22% in the second quarter, continuing a recent string of solid news out of the nation's homebuilders.

New home orders totaled 9,797 in the quarter, up from 8,062 in the same period a year ago. Orders in the central U.S. were especially strong, rising 40%, the homebuilder said in a press release. Orders for the six-months ended May 31 totaled 16,508, up 16% from last year.

Additionally, Lennar said it has completed the renewal of its revolving credit facilities. One line is a $712.3 million five-year revolving credit facility maturing in May 2008, and the other is a $315.2 million 364-day revolving credit facility maturing in May 2004, at which time the company expects the facility to be renewed.


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KB Home

(KBH) - Get KB Home Report

said preliminary net orders for the second quarter rose 16.7% to 8,394, including an increase of 19.8% in the U.S. For the six months ended May 31, preliminary net orders rose 9.5%, and U.S. orders climbed 10.6%.


New York Stock Exchange

trading Monday, KB Home closed at $62.06, and Lennar ended at $66.65.