DFH - Here's Why Dream Finders Homes Is Soaring on Thursday
2023-11-02 11:04:47 ET
It's no secret that the real estate market is slow right now. Rising mortgage rates have kept many would-be homebuyers on the sidelines and have prompted many sellers to delay listing their homes. As a result, existing home inventory is at a generational low and has created a surprisingly good environment for homebuilders.
Although we already knew the new-home market was relatively strong, Dream Finders Homes (NYSE: DFH) reported third-quarter results that look even better than many investors expected, sending shares up by as much as 10% on Thursday morning.
Dream Finders reported 14% year-over-year growth in homebuilding revenue, fueled by 17% growth in home closings. And not only did sales grow impressively, but gross margins also increased by 200 basis points year over year to 20.6%.
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Here's Why Dream Finders Homes Is Soaring on Thursday