Pulte earnings offer window into builder — and buyer — activity
With national housing data delayed by the government shutdown, the performance of the top homebuilder provides at least a partial view of what’s going on.
The Census Bureau's housing starts and permits data, which typically provide a snapshot of home construction, have been unavailable during the government shutdown.
This leaves the quarterly earnings report from PulteGroup, one of the nation's top homebuilders, as one of the only windows into current building trends — and the news has some bright spots despite affordability challenges and weak buyer demand.
Closings were down, but the builder's "community count," meaning the number of active housing developments with new homes for sale, was up 5% year-over-year. That suggests the company is continuing to invest in future supply.
A closer look at the numbers: PulteGroup reported third-quarter earnings of $2.96 per share, beating analyst expectations of $2.89, as the homebuilder navigated slower demand and affordability challenges.
Closings fell 5% to 7,529 homes, while the average sales price rose 3% to $564,000 — well above the national median new home price of around $410,800. Net new orders declined 6% to 6,638 homes valued at $3.6 billion, and the company ended the quarter with a backlog of nearly 9,900 homes worth $6.2 billion.
Revenue slipped 2% year-over-year to $4.2 billion, reflecting fewer home closings but higher average selling prices. Net income for the quarter totaled $586 million, down from $698 million a year earlier.
What Pulte had to say: "We are encouraged to see that interest rates have moved lower, but continue to monitor buyer demand that has been impacted by weaker consumer confidence and ongoing affordability challenges," President and CEO Ryan Marshall said in a press release.
What it means for the industry: Lower mortgage rates have improved sentiment among builders, who foresee a rise in sales in the months ahead — but affordability remains a drag on sales. With federal data unavailable, Pulte's earnings suggest that while construction activity has slowed modestly, large builders remain profitable and cautiously optimistic heading into 2026.