and morning, Thank you, good good. everyone. Very
remotely Sorry Jaffe, make if Lennar today of had had of opportunity a Collins, Controller CEO and about our in Beckwitt, joined our an and I'm get our our Jon sure David Co-CEO Officer, to Gross, in. Co-CEO Services. from our Rick and we're Miami together by Bessette, Vice people and Wanted Financial and Co-President, joining. with the Dallas Chief Diane delay. Financial Bruce President, people We to lot President,
here. be will all coordination said, of they are a there I so As Miami, bit in
many Then to the overview going introductory forward Rick's usual, with to the the supply remarks, thinking After a some quarter to cycle I'm give financial limited comment Diane markets land in going usual, chain, update costs. time, a to As then assist our third for through my give year. we'll we position. guidance as will ahead the detailed for questions, our and on can. company. walk guidance country, around John's and And construction as as and macro strategic and And of some go going highlight, along answer
As usual, can so please follow-up as and we possible. get question as to one many in yourself limit one
go me cash saying to the and team report quite let turns, ahead and quarter. capital, and So we flow, production has produced are inventory results pace, by and the that focused begin strong for that on return consistent pleased and have remained again we on Lennar
environment, our seen consistent results Our current second strategies economic prior have well discussed that calls. the on the we quarterly quarter as adherence as conference are stabilization in consistent to with core operating we've
remained to relates have the very has limited building, supply. chain the normalized, to environment accepted inventories customers the higher-for-longer the as is supply of rates, has and and As housing across home have chaos stabilized it economic supply adjusted country interest low, in
seems environment aggressive in has to represent of rate This year. interest a that hikes last normal Federal Reserve's the formed starting the wake new
the have market rate remains adjust orderly moderated rate allowing to way to measured the inflation persistent While and aggressive hikes in movements, in fashion. system, given
while levels combined well-documented price spark and The rate including finances housing by enable as prices, adjusted in for to reductions order buy-downs, market and even had affordability which costs chronic stretch kept rates strong returned, shortage for to sticker needed interest the housing has that curtailed low, customers to headwinds has and afford and housing continued challenges were incentives, primary And the needed been shelter. demand very incentives production activity. to to inventory sales supply while affordability has their shock housing, customers propel to demand,
gone sales has reductions interest incentives, rate higher and the of buy-downs for and net nor with homes of average not lower through matter, together and returned. even price as has other demand has use price net The moderated the that stabilized price
seen numbers on is or to XX% have approximately net closings the approximately expect home year. that on and XX% our home to in approximately dropped we that $XXX,XXX throughout We sales in peak now, going remain prices pricing average XXXX of constant that $XXX,XXX have sales from the
I would we through apartment that note that seeing our are division, rental moderated. multifamily rates have additionally also
somewhat Given on our that there additional downward is apartment overbuilt for-rent and multifamily inventory being rents, our have we extensive completed with as general coming and business, online. see experience many along pressure is in market, the there for-sale markets housing become and
This inventory will complete a half. the over and next year
very significant significantly, part likely much grow are either. CPI of they likely equivalents rentals rents make to that rent calculation. the While Remember drop and not won't a up
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as and Looking market to ahead, continues and for offerings. pent-up we builders continue economy come to the believe consume constructive to will home that the demand remain market affordable
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that ago. backdrop, Against to commitment a articulated team our this in consistent the has climb Lennar rates as over began year remained to we strategies
of throughout year. these Let as me what both the remainder a well to we strategies accomplished the review we quick expect do as explain have as what accomplish
cash our as maintain our that production margin First, and volume while production inventory working as shock we rationalizing said say as we return and machine our and efficiently certainty on through flow absorber with costs. focused on we our Accordingly, business volume assets. we turn, now, then, and keeping manage constant staying production, we volatility maintain
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XX.X% backfilled Additionally, deliveries enabling have deliveries cancellations expectation quarter, at dropped XX,XXX to our now which we that efficiently some to last and was up exceed in X% year. the over
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work. to get Let's
all to in conditions margin of market the course, at selling at market of consistently our levelled saw cash weaken, the on as to XX.X%, level margins we prices, improve. we're bottomed first quarter, conditions and quarter depending this expecting focus strong XX.X%, margin the Accordingly, to flows. reducing phases continued margin improvement clearing and and then past further improvement improvement when on Through conditions. quarter XX%, and We've further next as market homes cycle, to XX.X% are market we beyond that, producing improving
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Rick strategy detail strategy pre-supply with our more second to our continue drive this cover the and the reflected results across in construction-ready environment, were but have production platform for has teams, while Our with as to improvement John structure to as to we our trade our time to right-size cycle of will available partners well shortly, been our in levels. and on that sales the number crisis John are and our our purchasing Considerable delivery. partners. price homes been both margin chain focused cost current and work trade
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that rather the Clearing homes this day. homes in complete exactly is are cash flow business closable future than that on and quarters our the focused are many what we're of and every drives part selling
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at meetings with business by the result sales entire team. controlled These reviewed divisional are continue a to defined where Starts, every elements day management and managed volume numbers regional end of levels are in maintained the of through other management expectations. with closings the be balance and
to If our focus cash sixth results, on continue line and balance in protect we enhance The reflect our bottom extraordinary second order and was sheet. playbook on flow to strategy to quarter already line $XXX only due senior results, fiscal a also flow million of we debt and repurchased $XXX not accomplished excellent stock we bottom XXXX. million of in and repurchased we approximately cash but
continue cash retire purchase and debt opportunistically. will continue We flow expect to accordingly, and to stock generate and earnings considerable to
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industry our plan -- We drive maintaining drive return and we manage and cycles have asset to Our a volume manage drive drive base our division and and is through offices trade as model strategy land consistent investment. and plan of a -- and we to both and have that known inefficiencies well focus pace. to and understood We our our cash focus on to even production our cost with our in on homes inevitable price the while flow We we a on order work We balance efficiency investment. inventories light our efficiencies. sheet returns flow.
have fortify strength flexibility. sheet we to liquidity our balance for Finally and
and Knowing quarter what executing and this to success us into the to do plan and driven per has continues beyond. next quarter's guide
will me to now to turn to Lennar over perform performance. new continue levels We drive of let and are confident and Thank that Rick. we you
