PulteGroup Q3 Beats Estimates: Home Closings Up 12%, CEO Highlights Fed's Role in Addressing Affordability

PulteGroup, Inc. (NYSE:PHM) shares are trading lower after the company reported third-quarter results.

Revenue stood at $4.48 billion, beating the consensus of $4.26 billion.

Reported home sale revenues rose 12% to $4.3 billion, with higher revenues reflecting a 12% increase in closings to 7,924 homes and an average sales price of $548,000 (flat Y/Y).

The gross margin for home sales stood at 28.8%, vs. 29.5% a year ago.

Net new orders fell to 7,031 from 7,065 homes last year. However, the dollar value of net new orders rose 3% to $3.9 ...