1417 ET - Demand for housing is falling short, but supply is also limited, Lennar Chief Executive Stuart Miller tells analysts on a call. The overall supply of homes is constrained due to years of underproduction. Americans are still not buying houses due to high mortgage rates, elevated personal debt and general uncertainty about the economy, Miller says. Muted demand, along with restrictive land permitting and higher construction costs, will likely result in additional shortfalls in production. Immigration and tariffs could add another level of complexity, he says. To date, Lennar has not seen an impact on costs from tariffs or any labor shortages from immigration restrictions. It is having conversations with supply chain partners to identify alternative sourcing and material strategies, management says. (katherine.hamilton@wsj.com)

(END) Dow Jones Newswires

March 21, 2025 14:17 ET (18:17 GMT)

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