By Kris Hudson | The Wall Street Journal
Home builders have spent most of the past two years building houses for the affluent.
Now D.R. Horton Inc., DHI -0.45% the largest U.S. builder by homes sold last year, is signaling that it may be shifting to favor production pace over price.
The Fort Worth, Texas-based builder last week unveiled a new division, called Express Homes, to build small, no-frills homes in four states at prices ranging from $120,000 to $150,000. D.R. Horton’s overall average selling price is $278,900.
The new division is a bet by D.R. Horton that building low-priced homes will bring first-time buyers back into the housing market as the economy and mortgage availability improve.
