D.R. Horton overtook Lennar as No. 1 homebuilder 3Q

D.R. Horton overtook Lennar as the No. 1 homebuilder in the third quarter led by two townhome projects in the southwest valley and North Las Vegas.

D.R. Horton recorded 386 sales between July and September, according to Las Vegas-based Home Builders Research, down from 492 in the third quarter of 2024. The builder topped the 350 by mid-year leader Lennar, whose sales were down from 546 in the third quarter of 2024.

Through the first half of the year, Lennar had 1,065 sales versus 906 for D.R. Horton, according to Home Builders Research.

D.R. Horton was paced by 51 sales at its Tempo Trails in the southwest valley and 43 at Heartland Trails in North Las Vegas — the two leading sales by developments in the third quarter. Prices start at $373,000 for Tempo Trails and $330,000 for Heartland Trails.

The Pulte Group was third among builders in the third quarter with 274 sales, down from 319 a year ago, according to Home Builders Research. The No. 4 homebuilder during the quarter was KB Home with 232, down from 326; Richmond American, 115, down from 202; Century Communities, 112, down from 164; Beazer Homes, 101, down from 110; Touchstone, 73, down from 94; Toll Brothers, 72, down from 129; and Taylor Morrison, 72, down from 70.

The No. 3 community in terms of sales in the third quarter following the two D.R. Horton townhome projects was Sun City Mesquite by Del Webb with 39. Trilogy Sunstone by Shea had 34 sales, tied with Kalea Trails by D.R. Horton.

D.R. Horton had the sixth best-selling community during the quarter with 32 at Juno Pointe. They were followed by Paldona by Pulte with 31; Axel by Lennar with 30; Independence by Touchstone with 29; and The Presley by Lennar with 28.

Home Builders Research said five new for-sale product lines opened in September, bringing 310 lots into the market. KB Home, Lennar, Pulte Group, Century Communities and Richmond American Homes debuted new communities.

D.R. Horton was September’s top-selling builder with 90 net sales. Pulte Group’s Quinn Canyon project under the American West Homes brand in the southwest was the top-selling single community with 14 net sales.

Home Builders Research reported 829 new home closings in September, a 19 percent decrease from September 2024. In the third quarter, there were 2,492 total new home closings, 23 percent fewer than the third quarter of 2025. The 2025 total of 7,653 is 17 percent lower than 2024 thus far.

The new home market share in terms of overall closings in September 2025 was 26 percent, just above the 2024 average of 25 percent.

There were 596 single-family detached closings in September, 23 percent fewer than a year ago. The third quarter total of 1,823 is also 23 percent below the previous year. The 2025 overall total (5,563 is 18 percent below 2024 through September, according to Home Builders Research.

Attached products closed 233 units in September, 29 percent fewer than in September 2024. The third quarter total of 669 is 22 percent below the previous year’s 854. The 2025 total of 2,090 stands 13 percent below 2024 through September. The market share for attached new home products in September was 28 percent.

September saw local builders pull 579 new home permits. This was an 11 percent decrease from August and a 33 percent decrease from September 2024. Builders are adjusting their permitting schedule to more closely meet current market demand, said Home Builders Research President Andrew Smith.

The median new home closing price for all product types was $529,140 in September, a 4 percent increase from September 2024. The median new home closing price for single family detached products was $575,416, up 5 percent from September 2024, according to Home Builders Research.

For attached product types, the September new home median closing price was $386,950, 1 percent lower than September 2024.

Base asking prices continue to slowly shift higher, Smith said.

Thus far in 2025, 25 percent of net sales have come in communities with an average base asking price over $600,000 compared 21with percent overall in 2024.

Some 18 percent of new home closings in September were cash transactions, the highest monthly share so far this year. Of those that were financed, the average loan amount was $490,465. The largest loan for a new home closing in September was over $2.9 million, according to Home Builders Research.

There were nine vacant land closings by local builders in September, adding 374 acres to their portfolios. A large portion of this (240-plus acres) was the sale of the “Back Bowl” in South Summerlin by the Howard Hughes Co. to The Pulte Group, Smith said. The Pulte Group closed one more deal in Summerlin last month, adding just under 37 acres in Summerlin West for over $1.5 million per acre.

The remaining 96-plus acres were acquired by KB Home (20-plus acres), Richmond American Homes (71-plus acres), and Toll Brothers (5 acres), Smith said.