D.R. Horton, the largest homebuilder by volume in the U.S., saw sales orders plunge in the last three months of 2022 because higher interest rates and inflation continued to create affordability challenges for potential buyers.
Sales orders for the Texas-based builder nationally were down 38% year over year in its first fiscal quarter that ended Dec. 31, compared to a 15% decline in the previous quarter. That included 13,382 homes, compared to 21,522 a year ago.
The company earned $958.7 million, a 16% decrease from a year ago when it made $1.1 billion. Like other builders, the company has seen a moderation in demand due to increases in mortgage rates and overall economic uncertainty.
