Real Estate Developers and Homebuilders
National homebuilders from their 10-Ks, apartment developers from NMHC’s 2026 lists, and commercial developers from filings and their own sites. Every figure is linked and dated.
Last updated: 2026-10-20
Alphabetical, not ranked.
We do not score developers or builders. We have not published a rubric for them, and they publish no quality or warranty data. Firms are listed alphabetically. NMHC ranks are NMHC’s.
What the sources reveal
- Incentives ate margins. Lennar’s home-sale gross margin fell from 22.3% to 17.7% and its average price from $423,000 to $391,000. PulteGroup fell from 28.9% to 26.3% and NVR from 23.7% to 21.2%. All three 10-Ks cite incentives or pricing pressure. Lennar, PulteGroup, NVR.
- Builders are now landlords too. D.R. Horton closed 2,947 apartment units and 3,460 single-family rentals, and is No. 3 on NMHC’s developer list. Toll Brothers controls 73 for-rent apartment parcels. DHI 10-K, NMHC, Toll 10-K.
- Land strategies split. NVR generally does not develop land and buys finished lots under option. Lennar spun land off to Millrose. D.R. Horton owns 62% of lot developer Forestar. NVR, Lennar, DHI.
- Two Trammell Crows. Trammell Crow Company is CBRE’s commercial developer, using a licensed name. Trammell Crow Residential is a separate apartment developer on NMHC’s lists. CBRE 10-K, NMHC.
- Apartment starts shifted. Greystar stayed No. 1 on NMHC’s developer list, but its starts fell 12.8%, while JPI nearly tripled to 6,372. NMHC.
Five public homebuilders, from their 10-Ks
| Builder | Fiscal year end | Homes closed | Average price | Home-sale gross margin | Net income |
|---|---|---|---|---|---|
| D.R. Horton | Sep 30, 2025 | 84,863 | $370,400 | — | $3,585.2M |
| Lennar | Nov 30, 2025 | 82,583 | $391,000 | 17.7% | $2,078.2M |
| PulteGroup | Dec 31, 2025 | 29,572 | $566,000 | 26.3% | $2,218.7M |
| NVR | Dec 31, 2025 | 21,915 | $460,600 | 21.2% | $1,339.8M |
| Toll Brothers | Oct 31, 2025 | 11,292 | 63% at a base price of $750K+ | — | $1,346.5M |
Fiscal years differ, so the figures do not cover the same 12 months. Margin definitions also differ: NVR reports homebuilding gross profit margin. A dash means we did not capture a comparable figure. Sources: DHI 10-K, Lennar 10-K, PulteGroup 10-K, NVR 10-K, Toll 10-K.
By segment
National homebuilders
High-volume public builders, from their 10-Ks.
4 profiled · Open →Luxury builders
Builders whose filings describe luxury product, with the price mix they disclose.
2 profiled · Open →Multifamily developers
Apartment developers and builders, using NMHC’s 2026 Top 50 Developers and Top 25 Builders lists.
4 profiled · Open →Commercial developers
Office, industrial and mixed-use developers and developer-investors.
3 profiled · Open →Profiled firms (alphabetical)
| Firm | Segment | Scale (as published) | Status |
|---|---|---|---|
| D.R. Horton | National homebuilders / Multifamily developers | 84,863 homes closed in fiscal 2025 (year to Sep 30, 2025) | Public. Says it is the largest U.S. homebuilder by homes closed. |
| Hines | Commercial developers | $90.9B assets under management (Jun 30, 2026, self-reported) | Private. Developer, investment manager and property manager, founded 1957. |
| Lennar | National homebuilders | 82,583 homes delivered in fiscal 2025 (year to Nov 30, 2025) | Public. Moved to a ‘land-light’ model and spun off land to Millrose in 2025. |
| NVR | National homebuilders / Luxury builders | 21,915 homes settled in 2025 | Public. Builds as Ryan Homes, NVHomes and Heartland Homes; generally does not develop land. |
| PulteGroup | National homebuilders | 29,572 homes closed in 2025 | Public. Brands include Centex, Pulte Homes, Del Webb, DiVosta and John Wieland. |
| Related Companies | Commercial developers / Multifamily developers | Owned and managed portfolio valued at over $60B (self-reported); 80,720 apartment units owned (NMHC 2026) | Private. Developer of Hudson Yards; large affordable housing owner. |
| Toll Brothers | Luxury builders / Multifamily developers | 11,292 homes delivered in fiscal 2025 (year to Oct 31, 2025) | Public. Luxury builder; City Living high-rise condos and Apartment Living rentals. |
| Trammell Crow Company | Commercial developers | Over $29.5B in-process portfolio and pipeline (Dec 31, 2025) | Subsidiary of CBRE; development line of CBRE’s Real Estate Investments segment. |
| Trammell Crow Residential | Multifamily developers | 5,021 apartment units started in 2025 (NMHC 2026) | Private. A different company from CBRE’s Trammell Crow Company. |
Builder figures are for each company’s own fiscal 2025, and the year ends differ. NMHC figures are 2025 starts. Hines and Related figures are self-reported. Read 2026-10-20.
D.R. Horton
Public. Says it is the largest U.S. homebuilder by homes closed.
84,863 homes at an average $370,400; also No. 3 on NMHC’s 2026 apartment developer list.
Profile and sources →Hines
Private. Developer, investment manager and property manager, founded 1957.
Self-reports $90.9B AUM, 105.2M sq ft of third-party property services and a presence in 29 countries.
Profile and sources →Lennar
Public. Moved to a ‘land-light’ model and spun off land to Millrose in 2025.
82,583 deliveries at an average $391,000, down from $423,000; gross margin on home sales fell to 17.7%.
Profile and sources →NVR
Public. Builds as Ryan Homes, NVHomes and Heartland Homes; generally does not develop land.
Buys finished lots under purchase agreements instead of owning land; controlled about 180,100 lots at year-end.
Profile and sources →PulteGroup
Public. Brands include Centex, Pulte Homes, Del Webb, DiVosta and John Wieland.
Average price $566,000 and a 26.3% home-sale gross margin; 22% of closings went to active-adult (Del Webb) buyers.
Profile and sources →Related Companies
Private. Developer of Hudson Yards; large affordable housing owner.
NMHC counts 58,483 of its 80,720 owned units as subsidized, so most of its apartments are affordable housing.
Profile and sources →Toll Brothers
Public. Luxury builder; City Living high-rise condos and Apartment Living rentals.
63% of fiscal 2025 deliveries had a base price of $750,000 or more; 5% were over $2 million.
Profile and sources →Trammell Crow Company
Subsidiary of CBRE; development line of CBRE’s Real Estate Investments segment.
CBRE says TCC has been the largest U.S. commercial real estate developer for more than a decade (company claim).
Profile and sources →Trammell Crow Residential
Private. A different company from CBRE’s Trammell Crow Company.
No. 7 on NMHC’s 2026 developer list, up from No. 13; No. 11 builder; No. 43 owner.
Profile and sources →Left out
NVR’s, Lennar’s and D.R. Horton’s homes are not profiled by brand. Other public builders (Taylor Morrison, Meritage, KB Home and others) are not profiled yet; we kept to firms whose 10-Ks we read in full this day. On the apartment side, NMHC’s other top-10 developers (JPI, Alliance Residential, Hillpointe, Mill Creek, NRP, Wood Partners, Core Spaces) appear in the NMHC tables but are not profiled. Greystar, NMHC’s No. 1 developer, is profiled in the property management section. Related’s and Hines’s figures are self-reported. We left out any project-level claims we could not check. No builder publishes warranty or quality data, so we have none.
Comparisons
- D.R. Horton vs Lennar: the two biggest U.S. homebuilders by volume.
- PulteGroup vs Toll Brothers: move-up and active adult vs luxury.
- Trammell Crow Company vs Hines: the two large commercial developer-investors.
Questions
Who is the largest homebuilder in the U.S.?
D.R. Horton says in its 10-K that it is the largest by homes closed: 84,863 in its fiscal year to Sep 30, 2025. Lennar delivered 82,583 in its fiscal year to Nov 30, 2025.
Who is the largest apartment developer?
Greystar is No. 1 on NMHC’s 2026 Top 50 Developers list with 7,188 units started in 2025.
Is Trammell Crow Company the same as Trammell Crow Residential?
No. Trammell Crow Company is CBRE’s commercial development business and uses a licensed name. Trammell Crow Residential is a separate apartment developer that NMHC lists with its own CEO.
Do you rank builders?
No. We show the figures and NMHC’s ranks as published. We do not score these firms.
Last verified 2026-10-20. Figures were re-read from the linked sources that day.
View changelog
- Section published: hub, four sub-hubs, nine profiles and three comparisons, from 10-Ks, NMHC 2026 lists and firm pages read this day.
Sources
- NMHC, 2026 Top 50 Developers · accessed 2026-10-20
- NMHC, 2026 Top 25 Builders · accessed 2026-10-20
- D.R. Horton Form 10-K for fiscal 2025 (year ended Sep 30, 2025) · accessed 2026-10-20
- Hines, home page · accessed 2026-10-20
- Hines, About · accessed 2026-10-20
- Lennar Form 10-K for fiscal 2025 (year ended Nov 30, 2025) · accessed 2026-10-20
- NVR Form 10-K for 2025 · accessed 2026-10-20
- PulteGroup Form 10-K for 2025 · accessed 2026-10-20
- NMHC, 2026 Top 50 Owners · accessed 2026-10-20
- NMHC, 2026 Top 50 Managers · accessed 2026-10-20
- Related Companies, Our Company · accessed 2026-10-20
- Toll Brothers Form 10-K for fiscal 2025 (year ended Oct 31, 2025) · accessed 2026-10-20
- CBRE Group Form 10-K for 2025 · accessed 2026-10-20