Analyst Note| Brian Bernard, CFA, CPA |
D.R. Horton delivered an excellent fiscal third-quarter performance, which we view as more proof that housing market fundamentals in the United States have remained strong despite the coronavirus pandemic. D.R. Horton has also benefited from its strategic focus on speculative building and entry-level construction. Spec building can be an effective way to maximize returns in a healthy housing market, and entry level is the fastest-growing market segment.