PulteGroup Q3 income rises

PulteGroup reported net income of $2.3 billion for its third quarter ended Sept. 30, compared with prior-year net income of $117 million.

Home sale revenues for the third quarter increased 21% from the prior year to $1.5 billion. Higher revenues for the period were driven by an 11% increase in average selling price to $310,000.

"PulteGroup's third-quarter financial results demonstrate continued progress in our strategic repositioning of the Company to deliver better earnings and returns on invested capital," said Richard J. Dugas Jr., chairman, president and CEO of PulteGroup. 

Net new orders for the third quarter totaled 3,781 homes, a decrease of 17% from the prior year.