DHI · Earnings call · 2026Q3T · Full report

Realtor Distribution Channel

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

Management said the company continues to sell many homes through the realtor community, and its overall use of brokers has remained consistent. In tougher markets, realtors may provide additional incentives or become more involved, and D.R. Horton said it will continue to rely on that channel. Management reported no significant change in its overall realtor expense assumptions.

Key facts

• D.R. Horton’s overall rate of using brokers has remained consistent, and realtor expense assumed in its forward guide is pretty much flat with recent levels.
• D.R. Horton sees additional realtor incentives or activity and greater realtor involvement in tougher markets, and expects to continue relying on the realtor community.
• D.R. Horton reported a 2.9-basis-point gross-margin impact this quarter from realtor expense, consistent sequentially and year over year.