LE LEN Lennar Corporation Loading... : Bullish and Bearish Analyst Opinions

Management is shifting production mix toward build-to-order (60% BTO, 40% spec) after several years of 60% spec; spec inventory was reduced 18% year-over-year with finished specs at 2,000 units. — A higher BTO mix typically yields better gross margins and lower speculative risk, but can slow absorption pace; the industry may see similar shifts if builders reduce reliance on quick-move-in inventory.