DR Horton beats profit estimate, raises 2018 forecast

Homebuilder D.R. Horton reported a better-than-expected quarterly profit on Thursday and raised its fiscal 2018 revenue and cash flow forecasts, further evidence that a strong U.S. job market is feeding through to demand for houses.

Housing demand in the United States declined sharply for four years running after the sub-prime crash of 2007-2008 but has steadily gained momentum since, supported by falling unemployment and ultra-low interest rates.

Thursday’s results from Horton showed orders at the country’s largest housebuilder climbed 18.2 percent to 10,333 homes in the quarter ended Sept. 30 and the average selling price rose 3.2 percent to $306,502.

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