D.R. Horton

D.S. or Horton treats housing like manufacturing. In 2023, they delivered around 85,000 homes versus competitors 50,000. The company operates 40 core floor plans, perfecting each through iterations. Supply chains become predictable. Framing crews work faster building identical houses. Land acquisition reveals the advantage. D.T.R. Horton purchases massive tracts at 20 to 30% discounts due to scale while competitors negotiate individually. Their gross margin reached 26.8% versus competitors 19%. The homes are indistinguishable. The advantage lives in process discipline, not product differentiation. Cost per lot drops before foundations pour.