D.R. Horton Inc. shares tumbled after the homebuilder reported weaker-than-expected quarterly orders and indicated the price cuts and other buyer incentives that have propped up sales will continue.

For the three months through December, purchase contracts were up 35% from the same period a year earlier, according to a statement Tuesday, but fell short of what analysts had estimated. The shares were down 9.9% to $142.14 at 2:25 p.m. New York time, the biggest intraday decline since March 2020.