What CEOs Are Saying: Housing in America
Digging into three earnings calls from Thursday
A report last year from the National Association of Home Builders found that nearly 75% of US households cannot afford a median-priced new home at current mortgage rates.
In other words, the traditional housing market served by large national builders is functionally inaccessible to three quarters of the country. The Atlanta Fed’s Home Ownership Affordability Monitor puts the cost of owning a median-priced home at 47% of median household income as of mid-2025. Mortgage rates, while down from their 2023 peak, are expected to hover around 6.3% through 2026.
This week, let’s look at how homebuilders and mortgage providers are handling this environment, via three earnings calls that all took place on Thursday: Lennar, Legacy Housing, and Better.
Lennar Corporation (LEN)
Q1 FY2026 Earnings Call
Results: mixed, with revenue and earnings below expectations, but operational metrics improving and guidance cautiously upbeat
