Market Overview

D.R. Horton, Inc. Acquires the Homebuilding Operations of Classic Builders

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D.R.
Horton, Inc.
(NYSE:DHI), America's Builder, today announced the
acquisition of Classic
Builders
(Classic), the largest homebuilder by volume in Des Moines,
Iowa in calendar 2017 as reported by Builder magazine. The homebuilding
assets acquired include approximately 670 lots, 130 homes in inventory
and 40 homes in sales order backlog. D.R. Horton also acquired control
of approximately 550 lots through option contracts. For the twelve
months ended October 31, 2018, Classic closed 238 homes ($75 million in
revenue) with an average home size of approximately 1,650 square feet
and an average sales price of $317,000. D.R. Horton expects to pay
approximately $60 million in cash for the purchase, and Classic will
operate as a separate division within D.R. Horton.

Donald R. Horton, Chairman of the Board, said, "We are pleased to have
Classic Builders join the D.R. Horton family. Their experienced,
dedicated team and well-established building operations make Classic a
great addition as we continue to expand our footprint in the Midwest."

Josh Moulton, President of Classic Builders, said, "Classic became the
largest single-family homebuilder in the Des Moines area by building
homes based on strong company values led by superior customer service."
Seth Moulton, Vice President of Classic Builders, added, "We are excited
to join the largest homebuilder in the country and look forward to
continuing to provide superior customer service and growing our business
further."

About D.R. Horton, Inc.

D.R.
Horton, Inc.
, America's Builder, has been the largest homebuilder by
volume in the United States since 2002. Founded in 1978 in Fort Worth,
Texas, D.R. Horton has operations in 83 markets in 28 states across the
United States and closed 51,857 homes during its fiscal year ended
September 30, 2018. The Company is engaged in the construction and sale
of high-quality homes through its diverse brand portfolio that includes
D.R. Horton, Emerald
Homes
, Express
Homes
and Freedom
Homes
with sales prices ranging from $100,000 to over $1,000,000.
D.R. Horton also provides mortgage
financing
and title
services
for homebuyers through its mortgage and title subsidiaries.

Forward-Looking Statements

Portions of this document may constitute "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995.
Although D.R. Horton believes any such statements are based on
reasonable assumptions, there is no assurance that actual outcomes will
not be materially different. All forward-looking statements are based
upon information available to D.R. Horton on the date this release was
issued. D.R. Horton does not undertake any obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements in
this release include that we expect to pay approximately $60 million in
cash for the purchase, and Classic will operate as a separate division
within D.R. Horton. Forward-looking statements also include that their
experienced, dedicated team and well-established building operations
make Classic a great addition as we continue to expand our footprint in
the Midwest.

Factors that may cause the actual results to be materially different
from the future results expressed by the forward-looking statements
include, but are not limited to: the cyclical nature of the homebuilding
industry and changes in economic, real estate and other conditions;
constriction of the credit and public capital markets, which could limit
our ability to access capital and increase our costs of capital;
reductions in the availability of mortgage financing provided by
government agencies, changes in government financing programs, a
decrease in our ability to sell mortgage loans on attractive terms or an
increase in mortgage interest rates; the risks associated with our land
and lot inventory; our ability to effect our growth strategies,
acquisitions or investments successfully; the impact of an inflationary,
deflationary or higher interest rate environment; home warranty and
construction defect claims; the effects of health and safety incidents;
the effects of negative publicity; supply shortages and other risks of
acquiring land, building materials and skilled labor; reductions in the
availability of performance bonds; increases in the costs of owning a
home; the effects of governmental regulations and environmental matters
on our homebuilding and land development operations; the effects of
governmental regulations on our financial services operations; our
significant debt and our ability to comply with related debt covenants,
restrictions and limitations; competitive conditions within the
homebuilding and financial services industries; the effects of the loss
of key personnel; and information technology failures and data security
breaches. Additional information about issues that could lead to
material changes in performance is contained in D.R. Horton's annual
report on Form 10-K, which is filed with the Securities and Exchange
Commission.

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