One builder accounts for a third of San Antonio’s permits
Homebuilders in San Antonio, Texas pulled nearly 3,885 residential permits in 2025. Production builder Lennar pulled of those 1,246 permits, almost exactly one third of the citywide total. Overall, the city reported a drop in permit activity compared to the post pandemic boom. Reported from the San Antonio Business Journal, permits are is down 38% from the 6,271 filed in 2021. This is not a city-wide trend, but echoes of the affordability constraints facing many would-be buyers. Lennar attributes to their success to continued incentives, including mortgage rate buydowns to sustain sales momentum.
“Even as interest rates moved slightly lower in our fourth quarter, the overall market remained challenged.” said Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said in their Q4 earnings report. “During the quarter, we delivered 23,034 homes and achieved 20,018 new orders. Our average sales price was $386,000, while our gross margin was 17%, with SG&A at 7.9%, resulting in a net margin of 9.1%.
