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5 Things D.R. Horton’s Results Tell Us About the New-Home Market
1 Sales Gains Strong Year-Over-Year, Not Sequentially D.R. Horton, the largest U.S. builder by volume, notched a heady 22% gain in sales orders on 10,398 homes for its fiscal third quarter ended June 30 from the same period a year earlier. While that’s not as robust as several analysts had predicted, it still lends strength to the argument that the 6.8% decline in the pace of U.S. new-home sales in June from May was an anomaly. To wit, sales in the first half of this year were 21.2% higher than in last year’s first half. Still, momentum seemed to wane from this year’s first quarter to the second. Alex Barron, ... (full story)