Homebuilding hiccups

Shares in D.R. Horton dipped after the homebuilder said it expects to close on fewer homes in its fiscal fourth quarter than previously forecast.

Texas-based D.R. Horton lowered its projection to up to 21,700 home closings, compared to the previous forecast of up to 24,500. Horton, which calls itself the biggest homebuilder in the U.S. by volume, pointed to

“continuing significant disruptions in the supply chain, including shortages and delivery delays in certain building materials along with tightness in the labor market.”

The pandemic set the stage for higher prices and shortages of construction products. Factories went idle temporarily and are now trying to catch up on production as demand intensifies due to an unexpectedly hot housing market and a surge in home remodeling.