Lennar quarterly profit rises on strong demand for homes

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Existing home prices for all housing types in July touched $403,800, up 10.8% from a year ago, according to a report from the National Association of Realtors.

Miami-Florida based Lennar posted an about 29% rise in quarterly revenue to $8.93 billion.

It reported a net income of $1.47 billion, or $5.03 per share, in the third quarter ended Aug. 31, compared with $1.41 billion, or $4.52 per share, a year earlier.