DHI · Earnings call · 2026Q3T · Full report

Geographic Market Commentary

HORTON D R INC /DE/ · 2026-10-29 · Importance 13 · Surprise 6

Management said smaller markets and secondary MSAs have had less inventory buildup and less competition, and D.R. Horton’s affordable offerings have helped sales there remain more consistent with expectations and budgets. Larger markets have been more challenged by competition and inventory in both new-home and resale markets. The company also acknowledged increased resale inventory in Texas and Florida, while saying higher rates and buyer hesitancy were a greater drag on absorption than resale inventory itself.

Key facts

• D.R. Horton said smaller markets and secondary MSAs had less inventory buildup and competition, and its affordable offerings there held up better with more consistent sales than in larger, more challenged markets.