“In 2005, when D.R. Horton sold a record number of homes, it made $1.47 billion. In 2023, when it built roughly half as many, its profit was a little over three times as high, or $4.7 billion. And this dynamic isn’t because it focused on the high end, its overall market share was twice as high in 2023!” @matthewstoller https://www.thebignewsletter.com/p/its-the-land-stupid-how-the-homebuilder