PulteGroup's quarterly profit beats estimates on higher home sales
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July 23 (Reuters) - 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.
If you are you looking for more on mortgage loan calculator free look into the web page. Shares of the company gained about 1% in premarket trading after its home sales revenue also rose during the period.
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.
This "rate lock-in" has constrained sales of existing homes in the United States, prompting buyers to turn to newly constructed houses even amid a surge in property prices.
"While interest-rate movements can impact short-term homebuying demand, long-term market dynamics continue to benefit from a structural shortage of homes caused by years of underbuilding," said CEO Ryan Marshall.
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.
The Atlanta, Georgia-based company reported a 10% rise in home sales revenue to $4.4 billion in the second quarter.
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%.
The company earned an adjusted $3.77 per share in the second quarter, ahead of analysts' average estimate of $3.27 per share, according to LSEG data. (Reporting by Ananta Agarwal; Additional reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)
If you are you looking for more on mortgage loan calculator free look into the web page. Shares of the company gained about 1% in premarket trading after its home sales revenue also rose during the period.
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.
This "rate lock-in" has constrained sales of existing homes in the United States, prompting buyers to turn to newly constructed houses even amid a surge in property prices.
"While interest-rate movements can impact short-term homebuying demand, long-term market dynamics continue to benefit from a structural shortage of homes caused by years of underbuilding," said CEO Ryan Marshall.
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.
The Atlanta, Georgia-based company reported a 10% rise in home sales revenue to $4.4 billion in the second quarter.
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%.
The company earned an adjusted $3.77 per share in the second quarter, ahead of analysts' average estimate of $3.27 per share, according to LSEG data. (Reporting by Ananta Agarwal; Additional reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)
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