"When D.R. Horton reports its quarterly earnings, what you're watching isn't just the scoreboard of America's largest homebuilder. You're watching a business model operating at a different altitude and with different oxygen than almost every other homebuilding enterprise in the country. And when it performs, the implications go far beyond its own margins and growth trajectory. Horton's results reverberate through every market it touches, distorting the competitive landscape and squeezing the viability of less-capitalized operatorsespecially private builders."
"In Q1 2026, that dominance was on full display. While mortgage rates remained elevated and affordability concerns persisted, Horton's volume engine powered ahead with 18,500 starts up 27% quarter-over-quarter. Net sales orders increased 35% YOY to more than 19,400 homes, and closings rose 15% to 17,231 homes. As Wolfe Research's Trevor Allinson put it, Horton is setting the stage for significant community count growth into 2027."
D.R. Horton delivered strong Q1 2026 operational results with 18,500 starts (up 27% quarter-over-quarter), net sales orders up 35% year-over-year to over 19,400 homes, and 17,231 closings (up 15%). Mortgage rates remained elevated and affordability concerns persisted even as volume expanded. Horton applied structural leverage on land, labor, materials, and capital, enabling aggressive incentives, mortgage buydowns, and operational cost pressure. The company increased sales incentives in Q1 and expects incentives to remain elevated through fiscal 2026, tied to demand, mortgage rates, and market conditions. Horton is capturing FHA first-time buyers and is positioned for community-count growth into 2027.
Read at www.housingwire.com
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