The largest U.S. homebuilder, D.R. Horton Inc. (
DHI), increased its full-year revenue outlook due to a tight housing supply in the country, which is boosting sales.
The company now anticipates full-year revenue between $36.7 billion and $37.7 billion, up from its previous estimate of $36.0 billion to $37.3 billion.
Shares of D.R. Horton are up considerably in pre-market trading today (18th April 2024) following this announcement.
Despite the popular 30-year fixed mortgage rate remaining around 7% for an extended period, many U.S. homeowners, who secured lower fixed rates below 5% during a period of low-interest debt, are reluctant to sell and upgrade their homes in the face of higher rates.
This "rate lock-in" has limited the availability of existing homes for sale in the U.S., pushing buyers towards newly constructed homes. This ...
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