Lennar: Capitulating resale sellers in pockets of Florida and Texas keeps pressure on entry-level homebuilders

ResiClub PRO | Lennar's incentive rate is down to 12.0%, from its cycle high of 14.3% in Q3 2025. However, the builder is cautious about the next several months, with Miller noting that "if anything, [housing has] gotten more difficult since we last spoke in June."