DHI · Earnings call · 2026Q3T · Full report

Community Count and Inventory

HORTON D R INC /DE/ · 2026-10-29 · Importance 37 · Surprise 32

D.R. Horton started 13,100 homes in the September quarter, down 45% sequentially and 10% year over year, and ended the year with 28,200 homes in inventory, down 26% sequentially and 5% year over year. Its year-end homebuilding position included 571,000 lots, with 23% owned and 77% controlled through purchase contracts; the 131,000 owned lots were down 11% year over year and represented a 1.5-year supply. Fourth-quarter investment in lots, land, and development was $2 billion, including $1.4 billion for finished lots, $500 million for land development, and $120 million for land acquisition; full-year investment totaled $8.2 billion. In the fourth quarter, 70% of homes closed were on lots developed by Forestar or a third party, compared with 65% a year earlier.

Key facts

• D.R. Horton started 13,100 homes in the September quarter, down 45% sequentially and 10% year over year.
• D.R. Horton reduced home starts from the June quarter to better align inventory with demand.
• D.R. Horton ended fiscal 2026 with 28,200 homes in inventory, down 26% sequentially and 5% year over year.
• Of D.R. Horton's 28,200 homes in inventory at year-end, 17,700 were unsold at September 30.
• Of D.R. Horton's unsold homes, 8,800 were completed, including 600 completed for more than six months.