Salem Radio Network News Sunday, August 1, 2021

Business

D.R. Horton profit jumps 77% on soaring house prices

(Reuters) -Homebuilder D.R. Horton Inc posted a 77% rise in quarterly profit on Thursday, benefiting from record-high property prices as demand outpaced supply.

The U.S. housing market witnessed robust demand during the pandemic as people, forced to work and attend school from home due to lockdowns, sought spacious accommodations. Sales were further boosted by low mortgage rates on home loans.

The largest U.S. homebuilder said it sold 21,588 homes in the third quarter, up from 17,642 a year earlier.

“Housing market conditions remain very robust, with homebuyer demand exceeding our current capacity to deliver homes across all of our markets,” Chairman Donald R. Horton said.

Net income attributable to the company rose to $1.12 billion, or $3.06 per share, in the quarter ended June 30, from $630.7 million, or $1.72 per share, a year earlier.

Revenue rose to $7.28 billion from $5.39 billion.

(Reporting by Shreyasee Raj in Bengaluru; Editing by Shinjini Ganguli)

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