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On Tuesday, D.R. Horton—America’s most valuable and largest homebuilder, with a $46 billion market capitalization and ranked No. 123 on the Fortune 500—reported its third-quarter earnings for the three months ending June 30.

While D.R. Horton’s earnings didn’t wow investors, the fact that there wasn’t an accelerated softening beyond what homebuilders—including D.R. Horton—had already reported earlier this year was enough for some Wall Street investors to buy back into homebuilder stocks.

For today’s piece, we’re going to take a closer look at D.R. Horton’s earnings and the commentary its executives provided during Tuesday’s earnings call.

D.R. Horton’s net new orders, by its fiscal Q3 (the three months ending June 30th):

While D.R. Horton’s national net orders were pretty much flat year-over-year, there was a -10.1% year-over-year drop in its Southeast division. That division includes Florida—which D.R. Horton once again acknowledged remains on the softer/weaker side.

“There’s been a lot of a change [weakening] in the dynamic in the Florida markets. And perhaps most so there. Other markets continue to be........

© Fast Company