Shares of the company gained about 1% in premarket trading after its home sales revenue also rose during the period. 'While interest-rate movements can...
- U.S. homebuilder PulteGroup beat Wall Street estimates for second-quarter profit on Tuesday, as an acute shortage of existing houses drove up demand for new constructions.
With the popular 30-year fixed mortgage rate hovering at about 7% for months, U.S. homeowners are holding onto lower rates secured on properties during an era of cheap debt. PulteGroup, which usually sells a mix of cheaper pre-constructed homes and more expensive build-to-order homes based on buyer specifications, delivered 8,097 homes in the quarter ended June 30, up 8% from a year earlier.
Average selling price of $549,000 per home was also 2% higher than the year earlier, with home sales gross margin rising 30 basis points to about 30%.
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