D.R. Horton Needs To Sell Portland Homes
D.R. Horton faces $142.3M Q3 loss.
According to the PBJ, Fort Worth, Texas-based D.R. Horton, the third largest homebuilder in Oregon, posted a loss of $142.3 million, or 45 cents per share, on sales of $914.1 million for the third quarter. The company’s third-quarter loss was deeper than the 23 cent-per-share loss analysts expected for the quarter.
Pressure To Sell More Homes Likely To Increase
During the period, the homebuilder closed on fewer homes — 4,240 closings nationwide compared to 6,167 homes last year. Several local homebuilders facing a similar predicament have been forced to fold, most recently Roger Pollock’s Buena Vista Custom Homes. So far, D.R. Horton has managed to avoid serious trouble, but being a publicly traded company (NYSE: DHI), the pressure to boost sales volume is likely to prevail over maintaining a firm grip on pricing in the near future.
Several Hundred D.R. Horton Homes Currently Available
Several hundred homes are currently selling at seven D.R. Horton subdivisions across the Portland metro area. The situation is particularly pressing in Happy Valley’s Sunnyside Highlands subdivision, where 3,000 SF single-family-homes range from the mid 300s to the high 500s. Further down the food chain, D.R. Horton’s Windswept Waters offers starter homes in the sub 200k category.
Additional likely candidates include Falcon Ridge in Forest Grove and Brookwood Crossing in Hillsboro. Want to find out more? Drop me a note.
