Builder D.R. Horton Steps Up Buyer Incentives as Demand Slows
- Sales slipped and deal cancellations rose in June and July
- Company trims its forecast for home deliveries in fiscal year
New homes stand behind an empty lot at a D.R. Horton Express Homes community in Cottage Grove, Minnesota.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
D.R. Horton Inc. tempered its expectations for home sales and said it’s granting more buyer incentives to help navigate a slowdown in demand.
The company expects to deliver 83,000 to 85,000 homes in its full fiscal year, according to its earnings statement Thursday, down from its previous projection of 88,000 to 90,000 homes. D.R. Horton’s deal cancellation rate for the three months through June rose to 24% from 17% a year earlier as soaring mortgage rates caught buyers by surprise.