"While headlines scream that Berkshire Hathaway has taken a $4-plus billion position in Alphabet, a quieter, closer-to-home move slips into the latest 13F filing. In the same quarter that Berkshire built its stake in Google's parent, it closed out its position in D.R. Horton and added to its stake Lennar. For the broader market, that's a footnote. For homebuilding strategists and capital partners, it may amount to a tell."
"Buffett's team didn't abandon housing and wouldn't, considering its structural strategic ownership position in Clayton Homes, a top-20 ranked portfolio of regional homebuilders. They reshaped how they want to be exposed to it. In a Q3 2025 market that looks more fragile by the week, Berkshire has made a judgment about which operator's playbook best fits the next 2436 months of risk, rate pressure, and affordability stress. And right now, that judgment leans towards Lennar."
"Start with what this move is not. It is not a repudiation of D.R. Horton's business model. Horton remains the largest, most diversified production builder in America, with an unmatched entry-level engine, deep land control in high-growth markets, and a track record of operational discipline through multiple cycles. What Berkshire has done is something more surgical: Exit Horton completely selling ~1.485 million shares, about $191.5 million in value. Increase Lennar modestly but deliberately to roughly 7.232 million shares, worth just over $910 million at quarter-end."
Berkshire Hathaway closed its D.R. Horton position and increased its Lennar holding during Q3 2025. The firm sold roughly 1.485 million Horton shares, about $191.5 million in value, and raised Lennar to roughly 7.232 million shares, worth just over $910 million at quarter-end. Berkshire's ownership of Clayton Homes and a top-20 regional homebuilder portfolio keeps structural exposure to housing. The move reflects a judgment about operator resilience across the next 24–36 months amid a more fragile market, with flat demand, rising inventories, and higher buyer incentives shaping risk and affordability pressures.
Read at www.housingwire.com
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