D.R. Horton edges past Lennar in Las Vegas new home sales through September as closings fall 20 percent

What happened

D.R. Horton is on track to finish 2026 as the top-selling homebuilder in the Las Vegas valley, which would end a run by Lennar that began in 2022, the Las Vegas Review-Journal reported. Through September, D.R. Horton logged 1,172 net sales compared with 1,154 for Lennar, according to figures from Las Vegas-based Home Builders Research.

The narrow lead comes during a slow year for new homes. The Review-Journal reported that new home closings totaled 6,143 through the first nine months of the year, down 20 percent, as mortgage rates above 7 percent and affordability concerns kept buyers away.

How the builder rankings stack up

A shift at the top

Lennar held the top spot with 1,796 sales in 2025, ahead of D.R. Horton's 1,663. In 2024, Lennar recorded 2,142 sales to D.R. Horton's 1,917, and it also led in 2023 and 2022. Before Lennar's streak, KB Home was the leader in 2021.

The rest of the top 10

KB Home ranks third so far in 2026 with 782 net sales, narrowly ahead of Pulte Group at 762. The two swapped places from last year, when Pulte was third and KB Home fourth. Beazer Homes, which ranked eighth in 2025, fell out of the top 10. The rest of the list, according to Home Builders Research, looks like this:

• Sekisui House, fifth with 578 net sales, up from seventh a year ago under the Richmond American brand
• Century Communities, sixth with 391, the same ranking as 2025
• Taylor Morrison, seventh with 231, up from ninth at the end of 2025
• Touchstone Living, eighth with 219, up from 10th in 2025
• Toll Brothers, ninth with 212, down from fifth in 2025
• Tri Pointe Homes, 10th with 204, after missing the top 10 at the end of 2025

Why D.R. Horton has the edge

Home Builders Research CEO Andrew Smith told the Review-Journal he expects D.R. Horton to finish the year ahead of Lennar, with both builders producing higher volumes than other builders. He said the two have traded places month to month, with Pulte occasionally appearing in the mix.

Smith pointed to D.R. Horton's activity in lower price ranges, as well as in North Las Vegas and the Cadence community in Henderson. He described those areas as the builder's big sales engines and said they are still performing well compared with the rest of the market.

KB Home and Inspirada

Smith said KB Home is typically closer in the rankings, but the winding down of the Inspirada master plan in west Henderson has affected its totals. He told the Review-Journal that KB Home has less activity at this point in its cycle but has projects coming in the pipeline.

A market in a downturn

Smith described the industry as doing what it typically does during a downturn when it comes to personnel. "The builders are cutting back," he told the Review-Journal. More on the local housing market is available in our real estate coverage.

Builder inventory is lower than it has been over the past year, Smith said, noting that permits are down 24 percent for the year. "The number of starts are down so they will be able to work through some of this inventory," he said.

Uncertainty about the months ahead

New home sales usually slow at the end of the year, and Smith said he does not see that changing. Sales typically pick up in January and in the spring, but he said he did not know whether the usual early-year spike would happen this time because of interest rates and other factors. "There's so much uncertainty and even more than most times," Smith said.

What to watch next

• Final 2026 rankings, which will show whether D.R. Horton keeps its narrow lead over Lennar through the end of the year.
• Whether the usual January jump in traffic and sales arrives, which Smith said is uncertain because of interest rates.
• New KB Home projects that Smith said are in the pipeline as the Inspirada master plan winds down.