Lennar orders up 40 percent

Lennar Corp reported a rise in new orders for the fifth straight quarter and said a slow and steady recovery was underway in the housing market.

Lennar, the largest U.S. homebuilder behind D.R. Horton and PulteGroup Inc , also reported second-quarter earnings and revenue ahead of market estimates.

Miami-based Lennar said new orders jumped 40 percent to 4,481 homes. Orders are a key indicator for builders, which do not book revenue until they close on a house.

"We are experiencing net positive price and volume trends in most of our markets," Chief Executive Stuart Miller said.

Margins for the quarter rose to 22.5 percent, up 310 basis points from a year earlier, on a stronger pricing environment. The average sale price of a Lennar home rose to $$250,000 from $245,000 in the same quarter last year.