DHI · Earnings call · 2026Q3T · Full report

Developer Deliveries and Lot Inventory

HORTON D R INC /DE/ · 2026-10-29 · Importance 31 · Surprise 24

Management said third-party developers are adjusting current and future lot deliveries, with D.R. Horton coordinating with partners to avoid excess lots. The company wants to control lot inventory until demand improves, but said it has entitlements in place for many future lots. If the market strengthens in spring, management believes the company will have an adequate lot position to respond.

Key facts

• D.R. Horton has entitlements in place for many lots and believes it can increase its lot position if the market strengthens in the spring.
• D.R. Horton’s third-party development partners are adjusting current and future deliveries.
• D.R. Horton's owned lot position was 131,000 lots, down 11% year over year and representing a 1.5-year supply.
• D.R. Horton's year-end homebuilding position consisted of 571,000 lots, 23% owned and 77% controlled through purchase contracts.
• D.R. Horton coordinates with third-party development partners to manage deliveries and avoid having too many lots ahead of either party.
• D.R. Horton’s field teams focus daily on controlling lot inventory through work with third-party developers and on its own future phases.