2023 Housing Market
2023 Housing Market
DR Horton, the largest home builder in America, just came out yesterday with their latest earnings report.
Here are some selected highlights from yesterday’s press release which clearly show the state of the housing market in the United States.
2023 Housing Market
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 109 markets in 33 states across the United States and closed 82,930 homes in its homebuilding and single-family rental operations during the twelve-month period ended December 31, 2022.
Keep in mind these are my own selected highlights from this report, that I believe shed insight into the current condition of our housing market. If you’re interested, here is a link to read the full report.
First some good news:
Consolidated revenues increased 3% to $7.3 billion • Home sales revenues increased 1% to $6.7 billion on 17,340 homes closed • Rental operations pre-tax income of $110.3 million on $327.5 million of revenues from sales of 694 single-family rental homes and 300 multi-family rental units • Repurchased 1.4 million shares of common stock for $118.1 million.
Now some other selected facts from this report which may reflect on the current state of the housing market:
Net income per common share attributable to D.R. Horton for its first fiscal quarter ended December 31, 2022 decreased 13% .
Net income attributable to D.R. Horton in the first quarter of fiscal 2023 decreased 16% to $958.7 million compared to $1.1 billion in the same quarter of fiscal 2022.
Homes closed in the quarter decreased 6% to 17,340 homes compared to 18,396 homes closed in the same quarter of fiscal 2022.
Homes closed in the quarter decreased 6% to 17,340 homes compared to 18,396 homes closed in the same quarter of fiscal 2022.
Net sales orders for the first quarter ended December 31, 2022 decreased 38% to 13,382 homes and 40% in value to $4.9 billion compared to 21,522 homes and $8.3 billion in the same quarter of the prior year. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the first quarter of fiscal 2023 was 27% compared to 15% in the prior year quarter. The Company’s sales order backlog of homes under contract at December 31, 2022 decreased 46% to 15,759 homes and 44% in value to $6.2 billion compared to 29,347 homes and $11.1 billion at December 31, 2021.
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