1,736 net orders in Q3 compares to 1,900 a year ago as company focuses on margins, rather than volume; the value of net orders rose 7% Y/Y. The cancellation rate of 33% compares to 27% in Q2, 29% a year ago. Backlogs off 3% Y/Y by homes, up 9% by value.
Home deliveries in Q3 up 6% Y/Y; average selling price of $299,100 up 22%.
"We believe that the recent slower pace of the recovery caused by an uptick in mortgage interest rates is a temporary effect."
Earlier: Lennar Q3 results.