D.R. Horton home sales slide as market slows
Portland Business Journal - 1:36 PM PST Tuesday
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D.R. Horton Inc., the largest homebuilder in the nation, announced lower-than-expected first-quarter home sales Tuesday.

The Arlington, Texas-based company, which has major housing projects in Albany, Bend, Eugene and Portland, reported first-quarter sales of $2.3 billion, dramatically lower than the $3.2 billion a year earlier. Analysts estimated sales of more than $2.7 billion, even with the slumping market.

The company's cancellation rate -- when would-be homebuyers back out of a contract -- declined to 33 percent from 40 percent in the fourth quarter, but still much higher than in recent years.

"We continue to experience higher-than-normal cancellation rates and an increased use of sales incentives in many of our markets," company chairman Donald R. Horton said in a news release.

D.R. Horton (NYSE: DHI) has canceled or delayed plans for some subdivisions nationwide.

D.R. Horton accounted for almost one of every eight homes sold during the first half of the year in the six-county region, the largest market share in at least a decade. The first-half figure was the most recent available.

The company will release its first-quarter earnings on Jan. 23, before the market opens.