(Reuters) -Homebuilder Lennar Corp on Wednesday reported a 4.3% rise in quarterly profit, benefiting from record-high property prices as demand far outpaced supply that was crippled by raw material and labor shortages.
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.
(Reporting by Nathan Gomes and Priyamvada C in Bengaluru; Editing by Shinjini Ganguli)
