Homebuilder Rankings: Volumes, Market Caps, ASPs

We rank the builders by units, market caps, and ASPs for the most recent quarter. Variety is the theme.

May 28, 2025

Every now and then it is useful to step back and see where the various industry players rank relative to one another, so we do that exercise for some of the largest public homebuilders.
We line them up by volumes (deliveries, closings, contracts, settlements or the term of choice for those builders), by market capitalization for the public builders (excludes M.D.C.), and by average selling prices (ASPs).
There is little in the way of surprises, but this cyclical sector is getting more investor focus at this point in the cycle as sellers/buyers wrestle with high mortgage rates, supply-demand imbalances, and a major shortfall in housing supply relative to demographic need.
Homebuilding is one of a handful of industries that define the consumer sector and which (along with autos), is one of our favorite sectors to watch for a sea level gut check on how household economics and consumer financial risk appetites are framing up.

The above chart details the market caps of 16 public builders lined up from highest to lowest. The top 5 are the only large cap names, and we see 6 more in this list in the small cap bucket (using $2 bn as a demarcation line for “small cap”). The chart offers one more reminder of the scale of the largest builders vs. the peer group. We include the bulk of the publicly traded builders from the combined IG and HY index. There are more private than public in HY.

The above chart lines up the builders by units whether the builder chooses closings, deliveries, or a related metric (contracts, settlements). The unit volumes obviously tie into the Average Sales Prices (ASPs) for a home sales revenue line, but there were a few interesting details in the ranking such as Meritage at #5. The rankings of names such as Dream Finders (DFH), Century Communities (CCS), and M/I Homes (MHO) might surprise some.

The Average Sales Prices (ASPs) run across a wide range from luxury segment leader Toll Brothers on top to the #1 Homebuilder by units (DHI) at under $400K and 3 off the bottom. We were looking at Meritage, M/I Homes, and Century Communities, and we thought this list was worth generating. Dream Finders Homes (DFH) is another one less visible in the credit markets with a single HY index bond, and it is positioned just below the middle of the pack for ASP as well as volumes.

Housing:

Existing Home Sales April 2025: Soft but Steady 5-22-25

Home Starts April 2025: Metrics Show Wear and Tear 5-19-25

New Home Sales March 2025: A Good News Sighting? 4-23-25

Homebuilders:

Credit Snapshot: PulteGroup (PHM) 5-7-25

Credit Snapshot: Toll Brothers 5-5-25

Credit Snapshot: D.R. Horton (DHI) 4-28-25

Credit Snapshot: Lennar (LEN) 4-15-25

Credit Snapshot: Taylor Morrison Home Corp (TMHC) 4-2-25

KB Home 1Q25: The Consumer Theme Piles On 3-25-25

Toll Brothers 1Q25: Performing with a Net 2-20-25