Lennar slides after lower Q3 profit, weak home price outlook

** Shares of homebuilder Lennar LEN.N fall 3% to $76.1 premarket

** Co posts Q3 net profit of $283.9 mln, or $1.19 per share, compared with last year's nearly $591 million, or $2.29 apiece

** CEO Stuart Miller said the quarterly profits that came "below expectations" reflected the challenging economic environment, "which has deteriorated" since last quarter

** LEN also forecasts avg home sales prices for Q4 between $370,000 and $380,000 per unit, below analysts' estimates of $383,610, according to data compiled by LSEG

** Reports Q3 revenue of $8 bln, compared with estimates of $8.31 bln

** As of last close, stock down 23.8% YTD