DR Horton Q2 Orders Decline Amid Housing Downturn - Update [DHI]
4/10/2007 7:33:08 AM Tuesday, Homebuilder DR Horton Inc. (DHI) said its sales orders for the second quarter declined, amid a downturn in the housing market.
Net sales orders for the quarter declined to 9,983 homes or $2.6 billion, from 15,771 homes or $4.4 billion in the year-ago period.
The company said its cancellation rate for the second quarter was 32%, essentially unchanged from the prior quarter, but above its historical range.
DR Horton noted that the market conditions for new home sales continue to be challenging in most of its markets, as inventory levels of both new and existing homes remained high.
The company claimed that it continues to sell more homes than any other builder, even though the usual strong start to a spring selling season was missing.
