From Financial Modeling Prep: 2024-10-22 15:48:00

PulteGroup (NYSE:PHM) exceeded third-quarter profit expectations due to high demand for new homes amidst low existing home supply. Despite this, the company’s shares fell over 6% today. Homeowners holding onto lower mortgage rates have caused a shortage of resale inventory, leading buyers to new homes despite higher prices.

In Q3, PulteGroup reported a 9.3% increase in net income to $698 million, resulting in $3.35 diluted earnings per share, surpassing estimates. Revenue grew by 11.8% to $4.48 billion, outperforming expectations. Completed home sales rose by 12% to 7,924 units, with an average selling price of $548,000.

PulteGroup’s strong performance was driven by a 3% increase in net new orders valued at $3.9 billion. Completed home sales increased by 12% to 7,924 units, with an average selling price of $548,000. The company’s revenue grew by 11.8% to $4.48 billion, exceeding expectations.



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