UPDATE 1-Homebuilder Lennar's profit beats on strong demand

(Adds details on the quarter)

Oct 3 (Reuters) - Lennar Corp, the second-largest U.S. homebuilder, reported a higher-than-expected quarterly profit, benefiting from the acquisition of smaller rival CalAtlantic and a robust housing market.

Orders, a key indicator of future revenue for homebuilders, jumped 51.6 percent to 31,473 homes in the third quarter.

"The basic underlying fundamentals of the housing industry of low unemployment, higher wages and low inventory levels remain favorable and are likely to support longer-term strength in the housing market," Executive Chairman Stuart Miller said in a statement.

The Miami-based builder sold 12,613 homes during the quarter, compared with 7,598 homes last year. The average sales price increased 10.7 percent to $415,000.

Net income attributable to the company rose about 82 percent to $453.2 million, or $1.37 per share, in the quarter ended Aug. 31.

Excluding items, it earned $1.61 per share, beating the average analyst estimate of $1.19, according to Thomson Reuters I/B/E/S.

Revenue rose 73.9 percent to $5.67 billion.

Lennar's shares rose 4 percent to $48.67 in light premarket trading. (Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)