Lennar: unclear how long inventory glut will last

BOSTON (Reuters) - Home builder Lennar Corp (LEN.N) is not sure at the moment how long it will take the current glut of inventory in the U.S. housing market to be absorbed, the company's chief executive said on Tuesday.

"Current market conditions are primarily defined by the overhang of inventory," said Stuart Miller, president and chief executive officer, on a conference call with analysts. "There continues to be a great deal of downward pricing pressure."

Miller also said the company has pulled back production starts 62 percent year over year.

(Reporting by Scott Malone)