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D.R. Horton, America's largest homebuilder, reported a rise in quarterly profit due to tight housing supply boosting home sales. They highlighted the importance of land for homebuilders, mentioning benefits in the build-to-rent/multi-family space. Despite rising resale inventory in Florida, D.R. Horton remains optimistic about the market. The company also noted increased interest from investor homebuyers and expects land prices to continue rising.
The TL;DR on homebuilders from $DHI's earnings this morning are: 1. Demand on tap 2. Incentives working great 3. Incentives not hurting margins (homebuilders buying down the rate for custies is a huge competitive advantage vs the existing home market)
$DHI & top builders; Land is constrained & prices are going to continue to go up. But as we look to rapidly grow, we’re going to push hard to be ‘land light’/paying a premium to buy land just in time ➡️ huge opportunity for patient capital willing to be ‘land heavy’! #LandHeavy https://t.co/3CuWu2bIaa
DR Horton $DHI Paraphrasing: Long-term land is and will be constrained. We do not expect land prices to come down. We expect continued land price inflation.