D.R. Horton, the largest homebuilder by volume in the U.S., reported its first year-over-year decline in profit since the end of 2017.
the largest homebuilder by volume in the U.S., saw sales orders plunge in the last three months of 2022 because higher interest rates and inflation continued to create affordability challenges for potential buyers.
CEO David Auld told investors in its quarterly earnings call Tuesday morning that despite the market challenges, the company is optimistic about the spring selling season in the months ahead. Jessica Hansen, vice president of investor relations and communications for D.R. Horton, told investors that the company is already seeing some signs in the first weeks of 2023 that normal seasonality could return this quarter, which would mean a 50% increase in sales orders from last quarter.
The builder is using incentives including discounting homes and buying down mortgage rates to help boost sales. D.R. Horton had 43,200 homes in inventory nationally at the end of the year, of which 27,800 were unsold. Of those unsold homes, 7,100 had been completed.
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