FORT WORTH, Texas--(BUSINESS WIRE)--April 10, 2007--D.R. Horton,
Inc. (NYSE:DHI), America's Builder, the largest homebuilder in the
United States, Tuesday (April 10, 2007), reported net sales orders for
the second quarter ended March 31, 2007 of 9,983 homes ($2.6 billion),
compared to 15,771 homes ($4.4 billion) for the same quarter of fiscal
2006. Net sales orders for the first six months of fiscal 2007 were
18,754 homes ($4.9 billion), compared to 27,234 homes ($7.5 billion)
for the same period of fiscal 2006. The Company's cancellation rate
(sales orders cancelled divided by gross sales orders) for the second
quarter of fiscal 2007 was 32%.
Donald R. Horton, Chairman of the Board, said, "Market conditions
for new home sales continue to be challenging in most of our markets
as inventory levels of both new and existing homes remain high. Our
cancellation rate is essentially unchanged from the prior quarter, but
it remains above our historical range as we continue to see an
increase in the use of sales incentives in many of our markets. We
continue to sell more homes than any other builder, even though the
spring selling season has not gotten off to its usual strong start."
D.R. Horton, Inc., America's Builder, is the largest homebuilder
in the United States, delivering more than 53,000 homes in its fiscal
year ended September 30, 2006. Founded in 1978 in Fort Worth, Texas,
D.R. Horton has expanded its presence to include 85 markets in 27
states in the Northeast, Southeast, South Central, Southwest,
California and West regions of the United States. The Company is
engaged in the construction and sale of high quality homes with sales
prices ranging from $90,000 to over $900,000. D.R. Horton also
provides mortgage financing and title services for homebuyers through
its mortgage and title subsidiaries.
WEBSITE ADDRESS: www.drhorton.com
D.R. HORTON, INC.
($ in millions)
NET SALES ORDERS
Three months ended March 31,
-------------------------------------
2006 2007
------------------- -----------------
Homes Value Homes Value
------------------- -----------------
Northeast 1,990 $510.8 1,564 $409.2
Southeast 2,040 523.5 1,429 315.7
South Central 4,151 704.0 2,734 490.2
Southwest 3,537 918.0 2,171 499.8
California 2,697 1,236.1 1,107 533.5
West 1,356 470.8 978 350.9
--------- --------- ------- ---------
15,771 $4,363.2 9,983 $2,599.3
========= ========= ======= =========
Six months ended March 31,
-------------------------------------
2006 2007
------------------- -----------------
Homes Value Homes Value
------------------- -----------------
Northeast 3,684 $967.7 2,719 $722.3
Southeast 3,835 992.0 2,801 637.3
South Central 6,888 1,176.6 4,657 838.7
Southwest 6,250 1,654.6 4,470 985.8
California 4,329 1,949.0 2,443 1,106.2
West 2,248 790.1 1,664 601.9
--------- --------- ------- ---------
27,234 $7,530.0 18,754 $4,892.2
========= ========= ======= =========
CONTACT: D.R. Horton, Inc.
Stacey Dwyer, EVP, 817-390-8200
SOURCE: D.R. Horton, Inc.
