Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
Mortgage

PulteGroup 1Q net income drops to $55 million

Sells fewer homes in Northeast

PulteGroup’s (PHM) first-quarter profits surprisingly slid after home sales fell 28% in the pricey U.S. Northeast due to construction delays, according to an article in Reuters.

Home sales revenue, which excludes land sale and financial services revenue, was flat at $1.09 billion.

Total revenue rose 1.3 percent to $1.13 billion.

Net income fell to $55 million, or 15 cents per share, in the quarter, from $74.8 million, or 19 cents per share, a year earlier when net income included a benefit of 2 cents per share related to the reversal of mortgage repurchase reserves.

“Homebuilding revenues of $1.088 billion were below our $1.222 billion forecast on slower-than-expected growth in average prices, as well as unit closings which were down 2.1% Y/Y versus our +5.6% forecast,” said Sterne Agee analysts Jay McCanless.

Meanwhile, according to the latest report from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family houses in March 2015 tumbled back down to a seasonally adjusted annual rate of 481,000, 11.4% below last month’s revised estimate of 543,000. 

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please