Total revenues for the latest third quarter increased 24% to $2.49 billion from $2.01 billion in the comparable quarter past year .

The average for analysts for earnings was 79 cents per share. During the same quarter in the prior year, the firm earned $0.78 EPS. Three analysts surveyed by Zacks expected $2.42 billion.

“The new-home and rental markets continued to have significant pent-up demand, which positions us well for years to come”, Chief Executive Officer Stuart Miller said in the statement. Lennar delivered 6,314 homes in the quarter, well above the 5,450 delivered in the same quarter of 2014. It manages under Homebuilding Operations, Lennar Financial Services, Rialto and Lennar Multifamily segments.

Up to Friday’s close, the stock had risen 15.5 per cent this year, while the Dow Jones Home Construction Index had risen 14 per cent. (LEN, LEN.B) reported Monday a profit for the third quarter that grew 26 percent from previous year , despite lower operating margins, reflecting double-digit revenue growth amid improved home deliveries and increased sales price. But gross margin shrank to 24.1% from 25.2% a year ago, mostly due to higher land costs.

Specifically, what factors help the demand are a growing millennial population, reasonable affordability levels and high rental-occupancy rates, the company said.

While the homebuilding business continues to be the biggest driver of the quarterly earnings, Miller added that the company is in an excellent position across its multiple platforms.

The U.S. Department of Commerce is expecting to report later this week that sales of home just built were up 10% from the same time one year ago.

Lennar Corp. said that deliveries climbed 16 percent in the quarter, and new orders increased 10 percent to 6,495 homes. In the past 52-week period, the stock has been trading in a range of $37.50 to $56.04. Sterne Agee CRT reiterated a “neutral” rating and issued a $47.00 price target on shares of Lennar in a research report on Wednesday, June 24th.