US homebuilders statistics & facts

The largest home builders in the United States

Home building in the United States is increasingly dominated by a handful of large public companies. According to NAHB analysis of data from Builder magazine, the ten largest builders accounted for 43.6 percent of all new single-family home closings in 2025, compared with just 8.7 percent in 1989. D.R. Horton and Lennar are by far the largest, each closing more than 80,000 homes a year and together accounting for about a quarter of new single-family sales. Our overview of residential construction in the United States covers the wider market.

Scale brings advantages in a difficult market. Large builders can buy land and materials more cheaply, raise money at lower cost and, crucially, use their own mortgage companies to offer buyers lower interest rates through rate buydowns. With mortgage rates high, these incentives have helped the big builders keep selling while smaller competitors struggled. But they come at a cost: margins have narrowed across the industry, and several builders cut their delivery forecasts for 2026.

The top 10 builders by closings

D.R. Horton is the largest home builder in the country. In the Builder 100 ranking for 2025, it closed 87,168 homes, ahead of Lennar with 82,583. The gap to number three is large: PulteGroup closed 29,572 homes, NVR 21,915 and Meritage Homes 15,026. Taylor Morrison, KB Home, Sekisui House U.S., Toll Brothers and Century Communities complete the top ten, each with between 10,000 and 13,000 closings.

Two giants: D.R. Horton and Lennar each closed more than 80,000 homes in 2025, nearly three times as many as PulteGroup in third place.

Positions 11 to 20 in the Builder 100 are held by Ashton Woods with 10,067 closings, Clayton Properties with 9,953, M/I Homes with 8,921, Dream Finders with 8,608, DRB Group with 6,960, Hovnanian with 6,430, David Weekley with 5,944, Stanley Martin with 5,320, Tri Pointe with 4,947 and LGI Homes with 4,788. Several of these, including Sekisui House U.S., Clayton Properties and Stanley Martin, are owned by larger Japanese or US groups. How home building fits into the overall construction industry is shown in our report on the US construction industry.

A more concentrated industry

Thirty years ago, home building was a local business of thousands of small firms. The top ten builders accounted for only 8.7 percent of new single-family closings in 1989. Their share rose to 18.7 percent in 2000 and 28.2 percent in 2006, before the housing crash. After the crisis, large builders with access to capital markets bought land cheaply and took share from smaller firms that had failed or could not get bank loans. The top ten share reached 31.5 percent in 2018, 43.5 percent in 2022 and a record 44.8 percent in 2024.

Five times larger: the top ten builders share of new single-family closings rose from 8.7 percent in 1989 to 43.6 percent in 2025.

In 2025, the top ten share slipped slightly to 43.6 percent of the 679,083 new single-family homes closed, the first decline in several years. The top five builders alone accounted for 34.8 percent and the top fifteen for 50.1 percent. D.R. Horton held 12.8 percent of the market, Lennar 12.2 percent, PulteGroup 4.4 percent, NVR 3.2 percent and Meritage 2.2 percent. Measured by all completions, including homes built for rent and custom homes, the top ten share was lower, at 29.5 percent. The growing role of built-for-rent homes is covered in our report on single-family vs multifamily construction, and annual building volumes in our report on US housing starts and completions.

Revenue and profits

Lennar and D.R. Horton are also the largest builders by revenue. In fiscal 2025, Lennar reported home sales revenue of 32.10 billion dollars and total revenue of 34.19 billion dollars, while D.R. Horton reported home sales revenue of 31.43 billion dollars and total revenue of 34.25 billion dollars, including its rental, financial services and land businesses. PulteGroup followed with 16.74 billion dollars of home sales revenue, then Toll Brothers with 10.84 billion and NVR with 10.09 billion.

Lennar and D.R. Horton lead: each earned more than 31 billion dollars from home sales in fiscal 2025, about twice as much as PulteGroup.

Profits have fallen from their peak. D.R. Horton earned net income of 3.59 billion dollars in fiscal 2025, PulteGroup 2.22 billion dollars and Lennar 2.08 billion dollars. Toll Brothers and NVR each earned about 1.35 billion dollars, and Taylor Morrison 782.5 million dollars. Lennar profit fell partly because the company has focused on keeping sales volume high, using large incentives rather than holding prices.

The revenue trend of the two largest builders shows how the industry grew after the pandemic. D.R. Horton revenue rose from 17.6 billion dollars in fiscal 2019 to a peak of 36.8 billion dollars in fiscal 2024, before falling to 34.25 billion dollars in fiscal 2025. Lennar revenue grew from 22.26 billion dollars in 2019 to 35.44 billion dollars in 2024 and was 34.19 billion dollars in 2025. D.R. Horton roughly doubled in size in five years, while Lennar grew by about 60 percent.

Doubled after the pandemic: D.R. Horton revenue rose from 17.6 billion dollars in 2019 to 36.8 billion dollars in 2024.

Average prices and margins

The big builders serve very different parts of the market. Toll Brothers, the leading luxury builder, sold its homes for an average of 960,200 dollars in fiscal 2025, almost three times the average of D.R. Horton, which targets first-time buyers with an average price of about 370,400 dollars. Taylor Morrison averaged 597,000 dollars, PulteGroup 566,000 dollars, KB Home 481,400 dollars and NVR 460,600 dollars, while Lennar and Meritage averaged 391,000 and 384,000 dollars.

Luxury vs entry level: Toll Brothers average price of 960,200 dollars was almost three times D.R. Horton average of about 370,400 dollars.

Margins tell a similar story. Luxury builders earn the highest gross margins: Toll Brothers reported an adjusted gross margin of 27.3 percent in fiscal 2025, while Taylor Morrison reported 22.5 percent and NVR 21.2 percent. Builders focused on first-time buyers, where incentives are largest, earned less: Meritage reported 19.7 percent, KB Home 18.6 percent and Lennar 17.7 percent. Lennar margin fell further to 15.8 percent in the quarter to August 2026.

Luxury earns more: Toll Brothers had an adjusted gross margin of 27.3 percent in fiscal 2025, compared with 17.7 percent at Lennar.

Incentives and rate buydowns

To keep homes affordable at high mortgage rates, builders have relied heavily on incentives, especially mortgage rate buydowns, in which the builder pays the lender to lower the buyer interest rate. Lennar said incentives and price adjustments were about 14 percent of the sales price in the last quarter of fiscal 2025 and about 12 percent in the quarter to August 2026. PulteGroup reported incentives of 10.4 percent of the gross sales price in the second quarter of 2026, up from 8.7 percent a year earlier. Across the industry, 66 percent of builders used sales incentives in September 2026, according to NAHB, as covered in our report on home builder challenges.

Builders in 2026

Results for 2026 show a cautious industry. D.R. Horton closed 23,983 homes in the quarter to June 2026, 4 percent more than a year earlier, and expects 83,800 to 84,300 closings for its fiscal year. Lennar delivered 20,840 homes in the quarter to August 2026 and cut its full-year forecast from 82,000 to 83,000 homes to 80,000 to 81,000. PulteGroup closings fell 8 percent in the second quarter of 2026, NVR closings 8 percent, Meritage 11 percent and KB Home 19 percent in its third quarter. Toll Brothers expects 10,500 to 10,600 deliveries for its fiscal year.

Backlogs, the number of homes sold but not yet closed, give a sense of the business ahead. At the end of their latest quarters, Lennar had a backlog of 16,857 homes worth 6.3 billion dollars, D.R. Horton 15,983 homes worth 6.2 billion dollars, PulteGroup 10,966 homes worth 6.8 billion dollars and NVR 10,998 homes worth 4.99 billion dollars. Toll Brothers had a backlog of 5,312 homes worth 6.24 billion dollars, reflecting its much higher average price. Construction costs, which squeeze margins further, are covered in our report on the cost to build a house.

Outlook for home builders

The largest builders are well placed to keep gaining market share. They control large land pipelines, have strong balance sheets and can fund incentives that smaller builders cannot match. At the same time, profits are likely to stay under pressure as long as mortgage rates remain high and buyers need help to afford a home. Where builders are building, mostly in Texas, Florida and other Sun Belt states, is shown in our report on US building permits, and the scale of the need for new homes in our report on the US housing shortage.

US home builders in numbers

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