Berkshire Hathaway Expands Lennar Stake Amid Slower Buying Pace

Berkshire Hathaway has increased its investment in Lennar Corporation, the major homebuilder, lifting its ownership to 11.2% as of this week. However, the pace of Berkshire’s acquisition of Lennar shares has noticeably decelerated compared to previous months.

According to a Securities and Exchange Commission filing made public late Wednesday, Berkshire purchased $53.6 million worth of Lennar Class A shares alongside an additional $329,000 in super-voting Class B shares over the course of Monday through Wednesday. This latest buying spree brings Berkshire’s total holdings in Lennar to 26.6 million shares, valued at approximately $2.1 billion based on closing prices on Friday.

For context, at the end of the second quarter, Berkshire held a 5.4% stake in Lennar, totaling 13.4 million shares with a market value near $1.2 billion. This was already a significant increase from the end of the first quarter, when Berkshire owned 10.3 million shares—a 30% rise. The growth trajectory began last year, with Berkshire owning 7.2 million shares at the end of 2025, illustrating a steady accumulation over time.

As Lennar’s stock price softened during the third quarter, Berkshire continued quietly adding to its position until it crossed the 10% ownership threshold in mid-September. This milestone triggered an SEC rule requiring Berkshire to disclose further transactions within two business days, leading to two filings last week. These reports revealed that Berkshire had bought nearly $349 million worth of Lennar shares on six of seven trading days from September 17 to 25, averaging about $58 million per calendar day.

In contrast, purchases this week have slowed significantly, with daily average buying just under $18 million through Wednesday. No new filings have appeared up to Friday night, suggesting Berkshire may not have made any acquisitions on Thursday. If this holds true, the average for the four trading days this week would be around $13.5 million, but details on Friday’s activity will not be available until after the Monday filing deadline.

Berkshire’s continued investment signals confidence in Lennar’s prospects over the long term, betting on a recovery in the U.S. housing market despite near-term challenges. Conversely, Morgan Stanley issued a less optimistic outlook on Lennar’s stock on Thursday, initiating coverage with an “underweight” rating and setting a price target of $65 per share. This target marks a decrease of almost 19% from Lennar’s closing price of $79.81 on that day, which itself represented a 2.8% drop.

The housing market continues to face headwinds, with mortgage rates rising steadily. The Mortgage Bankers Association reports the average rate on a 30-year fixed mortgage has climbed to 7.30%, the highest level since late 2023, after six consecutive weeks of increases. This rise in borrowing costs has deterred many prospective homebuyers, who are also contending with higher home prices compared to last year, according to CNBC’s Diana Olick.

Aside from Lennar’s stock activity, Berkshire Hathaway remains a prominent presence in the market. As of June 30, 2026, the company held $365.5 billion in cash, down 8% from March 31. After excluding rail cash and subtracting treasury bills payable, the adjusted cash position stood at $359.2 billion, a 3.8% decline from the previous quarter. Berkshire also repurchased $4.5 billion of its own shares during the second quarter.

Among Berkshire’s largest equity holdings reported in the August 14, 2026 13F filing are various U.S. and Japanese stocks, with the latest data available on CNBC’s Berkshire Hathaway Portfolio Tracker. The company’s stock prices as of early October 2026 were $754,790 for BRK.A shares and $502.65 for BRK.B shares, with a trailing twelve-month price-to-earnings ratio of 12.64.

The recent moves in Lennar shares reflect Berkshire’s strategic investment approach under Warren Buffett, who often increases stakes in companies he believes have solid long-term potential despite short-term market fluctuations. Investors and analysts will be watching closely how Lennar and the broader housing market navigate the current higher interest rate environment in the coming months.