(Reuters) -U.S. homebuilder D.R. Horton Inc beat estimates for first-quarter profit on Tuesday, helped by higher home prices as demand outpaced supply due to raw material and labor shortages.
While home prices remain elevated, the pace of increase is cooling following a 40% rise in average house prices over the last two years.
“The supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable,” Chairman Donald Horton said.
Net income attributable to the largest U.S. homebuilder fell to $958.7 million, or $2.76 per share, in the first quarter ended Dec. 31 from $1.14 billion, or $3.17 per share, a year earlier.
Analysts expected net income of $2.26 per share on revenue of $6.4 billion.
(Reporting by Kannaki Deka in Bengaluru; Editing by Sherry Jacob-Phillips and Anil D’Silva)