See which workplaces made this year's list.

2026_GPTW_best-places-by-industry-Construction-PulteGroup,_Inc.

Employees say:"We have an amazing culture. Management inspires, leads by example, and leads with humility. Teams support one another, hold each other accountable, and have each other's backs. Individuals are committed to working hard, growing, and doing the right thing. We are recognized for our contributions and successes. My job is absolutely one of the best parts of my life."

Best Large Workplaces in Construction

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100 Best Places to Work 2026_PulteGroup, Inc.

Fortune 100 Best Companies to Work For

The companies on this annual list make a conscious effort to be supportive, inclusive workplaces.

2025 Best Large Workplaces for Women_PulteGroup, Inc._US1__68a71dfc383bc91cadd06a7f_3

Employees say:"Management consistently demonstrates adaptability to departmental needs and communicates company metrics and initiatives with clarity and transparency. Emotional wellbeing is a core part of our culture, and we're provided with ample opportunities to maintain a healthy work-life balance. Our team is incredibly supportive, always striving to do the right thing and ensuring our division's clients are satisfied. The collective effort and dedication truly make this a great place to work."

100 Best Large Workplaces for Women

2025_GPTW_Construction_Large_PulteGroup, Inc._US1__685d50c0023fa8a026342320_1

Employees say:"I believe Pulte has established a culture that recognizes people as its most valuable asset. The company provides excellent wellness coverage and programs, competitive pay, paid holidays, company-wide celebratory events, and various other initiatives that prioritize its employees."

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The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

GPTW_100BestCompaniesToWorkFor_2025-PulteGroup, Inc._US1__20241210214006_4

Employees say: "This company provides opportunities for employees to grow and develop to be the best employee that they can be. PulteGroup has built a great work culture and team that empowers its employees. Some examples are teambuilding events, great communication, and holiday events."

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GPTW_Women_Large_2024-PulteGroup, Inc._US1__20240830224000_3

Employees say:"The work like balance is unlike anything I have experienced before. You have enough PTO to not worry about using it all quickly. You do not feel like you have to miss moments in your kids/family life due to work."

GPTW-Construction-Large-2024-PulteGroup

Employees say:"I have worked in the new home sales business for 17 years and with 4 other home builders. Pulte has been beyond the best company to work for. Management truly wants you to succeed and is supportive. Everyone is welcoming and I feel as though I am really part of a team. They offer a leadership development program that I was invited to participate in. Upper management and the division president are approachable and easy to talk to, they ask for feedback and value my opinions. I genuinely ENJOY spending my free time with my co-workers and have cultivated many friendships."

Fortune partners with global people analytics firm Great Place to Work to analyze survey feedback representing employees from companies across the U.S.

GPTW Millennials 2024-Large-PulteGroup, Inc.

Employees say:"The people at Pulte are genuinely nice and compassionate. I've never felt so supported in my career as much as I do here. I feel at ease because I am not worried how I will be treated. I don't take for granted the excellence in behavior here."

100 Best Large Workplaces for Millennials

Industries included in the sector are construction and engineering services and homebuilders.

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100 Best Companies 2024-PulteGroup, Inc.

After weathering a difficult year in a nearly frozen housing market, PulteGroup fell seven places from its 2023 ranking. Yet it remains the third largest homebuilder in the U.S., with operations in more than 45 U.S. markets. PulteGroup aims to create affordable housing opportunities; provides mortgage-free homes to wounded veterans through its Built to Honor program; organizes food drives with local pantries; and launches fundraising initiatives for organizations employees care about.&nbsp; &nbsp;The PulteGroup Foundation launched Dollars for Doers in 2022: For every hour an employee volunteers, the foundation contributes the equivalent of up to $25 per hour, for up to 40 hours annually per employee.&nbsp; &nbsp;To bolster the success of its homebuilding operations team, which constitutes 75% of its workforce, PulteGroup offers mentorship and formal training programs, such as its Certified Field Trainer initiative to support trainees for up to six months.

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100 BEST COMPANIES 2023-PulteGroup

One of the largest homebuilders in the U.S. aims to continually improve the employee experience. As a result, nine out of 10 employees want to work at PulteGroup for “a long time.” 
<ul> 
 	<li>The diversity board’s outreach committee has enhanced PulteGroup’s recruitment, hiring, and onboarding efforts with a focus on identifying a large pool of diverse job candidates and building recruitment relationships with HBCUs.</li> 
 	<li>New hires are assigned an onboarding experience partner, responsible for ensuring new team members feel connected to the company.</li> 
 	<li>PulteGroup’s affordable housing committee is piloting a new program, Hope to Home, that will subsidize a percentage of the homes the company builds, offering them to first-time buyers in underserved groups.</li> 
 	<li>The company has a one-stop learning management system that provides employees with training, workshops, and developmental tools.</li> 
 	<li>PulteGroup’s new health and wellness program goes beyond physical and emotional health coverage to include financial and social wellness.</li> 
</ul>

GPTW Women 2023-PulteGroup, Inc.

Employees say: 
 
"Everyone on the team cares about doing a great job, taking care of each other, and doing what is right for our customers. There’s a high level of work ethic and pride from everyone."

Fortune partnered with Great Place to Work to analyze survey feedback representing nearly half a million U.S. employees.

GPTW Millennial Large 2023-PulteGroup

Employees say: 
 
"Every single employee seems genuinely happy to work at PulteGroup, Inc. I think I can speak for most, if not all, of us when I say we feel like this company and our superiors care about our happiness. I feel seen as something more than just an employee. My managers are happy in their roles and are great leaders. The opportunity to volunteer and have a day off to do so is so special. This company cares for our community, and I feel a massive sense of pride over it."

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

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When it comes to supporting employees, flexibility, diversity, and a few extra paid days off go a long way.

100 Best 2022 PulteGroup,-Inc._1274415-5

America’s third-largest homebuilder has a laser focus on diversity, equity, and inclusion. PulteGroup created internal committees to work on recruiting and training a diverse talent pool of employees and to sponsor cultural awareness programming with live, interactive webinars that spotlight the achievements of a diverse range of individuals. Externally, in keeping with the company’s values, PulteGroup is working to create homeowning opportunities for lower-income families and minorities through affordable housing and down payment assistance initiatives. Part of the company’s emphasis on inclusion includes a flexible workweek. Once fully implemented, employees will work in the office two days per week and remotely for the other three.

Great Places to Work in Construction Large-2022-PulteGroup, Inc._1274415-5

Employees say: 
 
“This team is like a big family, and it is a lot of fun to be able to work with all of them. We have a strong bond and its great to feel like my work makes a difference. This is the only place I have worked that truly shows how much they appreciate our hard work and what we do.”

GPTW Women 2022-PulteGroup, Inc

Employees say: 
 
“Pulte offers a lot of development and growth opportunities that help you grow and advance in your career. There is a large focus on recognition and connection, even in a hybrid environment. I have been impressed with our increased efforts on diversity and inclusion the past couple of years and the launch of our BRGs and women in leadership series.”

To determine millennials' workplace preferences, Fortune's research partner Great Place to Work analyzed feedback representing more than 6.1 million U.S. employees.

GPTW 2022 Millennials List Large-Pulte Group

Employees say: 
 
“I have said this before and I’ll say it again, I feel blessed to be with a company who is not always thinking of the bottom line. Keeping people safe when weather is bad, during a pandemic making sure we had the essentials, and listening to its employees when they chime in with ideas. I have several close friends working for other builders and they cannot say the same. I’m a proud Pulte employee!”

This year’s Fortune 500 marks the 68th running of the list.

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Our 2021 list of the 100 best companies to work for, as ranked by their employees. See which companies made the list.

100 Best Companies 2021-76-PulteGroup,-Inc.

The homebuilder was hit hard by the pandemic, which forced it to make painful staff reductions in the form of furloughs and layoffs. In response, PulteGroup CEO Ryan Marshall, his direct reports, and the entire board of directors took pay cuts, raising $400,000 for a relief fund aiding those who lost their jobs. In the end, the company was able to bring back 100% of furloughed employees within 60 days, and actively set about rehiring those who were laid off. Marshall has also made a commitment to improving PulteGroup’s diversity practices, forming an internal diversity and inclusion board meant to hold the organization accountable to its goals.

The companies on this year's list make a conscious effort to be supportive, inclusive workplaces.

Best-Workplaces-Women-2021-Large-PulteGroup,-Inc

Employees say: 
 
“The company is always making an effort to recognize its employees and show their appreciation. The CEO knows front-line employees by name and makes an effort to build relationships with employees at all levels of the organization.”

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-284-PulteGroup

Started by 18-year-old homebuilder Bill Pulte in 1950, PulteGroup is now the third-largest home construction company in the U.S. based on number of homes closed. Its brands include Del Webb and Centex.

We surveyed tens of thousands of employees to create this list of millennials’ favorite workplaces.

Best Large Workplaces Millennials 2021-PulteGroup,-Inc

Employees say: 
 
“My managers trust me to get the job done well, and as result, I have incredible opportunity and flexibility. I trust my team, and they too enjoy complete flexibility and opportunity. Together - we always WIN! This is truly a Great Place to Work!”

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

Best Workplaces Women 2020-PulteGroup

Employees say: 
 
“People are genuinely interested in my career advancement. I've been mentored and challenged, which directly resulted in several promotions. This is truly a team where people care for each other and look for ways to build them up to promote.”

This year's Fortune 500 marks the 66th running of the list.

F500-2020_309_PulteGroup

The Atlanta-based homebuilder, whose brands include Del Webb and Centex, is considered the third-largest home construction company in the U.S. based on the number of homes closed. It operates in more than 40 markets.

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Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Fortune Global 500

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Compressed work weeks

Option to work remotely

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PulteGroup is one of the largest homebuilders in the U.S., having constructed over 800,000 homes since 1950. The company operates in more than 45 markets across 24 states through its portfolio of brands, including Centex, Pulte Homes, Del Webb, DiVosta Homes, American West, and John Wieland Homes and Neighborhoods.

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PulteGroup (PHM): Company Profile, Stock Price, News, Rankings

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PulteGroup

pultegroup

Good morning, and thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the PulteGroup, Inc. Second Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise.

After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to turn the call over to Jim Zummer. Please go ahead.

Great. Thank you, Jeanne. Good morning and thank you for joining today's call as we look forward to discussing FulteGroup's second quarter operating and financial results. With me today are Ryan Marshall, President and CEO Jim Ossowski, Executive Vice President and CFO and David Carrier, Senior VP of Finance. As always, a copy of our earnings release and this morning's presentation have been posted to our corporate website at pulseygroup.com.

We will also post an audio replay of this call later today. I would highlight that today's presentation includes forward looking statements about the company's expected future performance. Actual results could differ materially from those suggested by our comments made today. The most significant risk factors that could affect future results are summarized as part of today's earnings release and within the accompanying presentation. These risk factors and other key information are detailed in our SEC filings, including our annual and quarterly reports.

Let me turn the call over to Ryan Marshall. Ryan?

Good morning and thank you for joining our call. As always, I appreciate the opportunity to update you on Multigroup and our work in delivering outstanding business results. Multigroup's earnings release details another quarter of positive financial performance as the company delivered strong closings, gross margins and overhead leverage. Consistent with such results, we also continue to realize high returns as the company generated a return on equity of 23% for the trailing twelve months ended June 30. In a few minutes, I'll turn the call over to Jim for a detailed review of the numbers.

Demonstrate that in an operating environment that has grown more challenging, our diversified and balanced operating model offers strategic benefits to help sustain performance. In this competitive operating environment, we are reaping the advantages of being diversified across all buyer groups, particularly our industry leading position in serving active adult buyers. Specific to this group, I am pleased to report that we are experiencing a great response to our newest Del Webb and Del Webb Explore communities as buyers embrace the active lifestyle at the core of both brands. As it relates to this part of our business, I would highlight that along with being among our higher priced homes, these homes typically represent our highest margin closings. Along with a broad customer base, we have geographic breadth and market diversity that are again proving their value.

Our business results continue to demonstrate the benefit of having large and stable operations in the Midwest, Southeast and Northeast as these work to offset some of the more challenging market conditions the industry is facing out West and in Texas. And I'm pleased to highlight the relative strength of our Florida operations displayed in the quarter as net new orders increased 2% over the last over last year. Beyond Florida remaining a beneficiary of long established migration patterns in this country, we have exceptional land positions throughout the region. I would also highlight that our operating teams across Florida are second to none, and I truly believe we are seeing the importance of having such experienced leadership in place. And finally, our ability to serve both the buyer who needs the immediacy of an in production spec home as well as the buyer seeking to build a more personalized home from scratch remains an important competitive advantage.

The former allows us to effectively serve the first time buyer and use our national rate incentive, while the latter allows the buyer to select the lot and options that they value most, which in turn provides margin enhancement opportunities for us. Through the first half of twenty twenty five, we realized an average of 109,000 of options and lot premiums, which is an important driver of PulteGroup's superior gross margins. With half the year, including the important selling spring selling season now complete, I thought it would be useful to offer a few high level comments on the demand dynamics we have been experiencing. Over the past few quarters, our industry has routinely referenced demand conditions being volatile, and that remains the most accurate description of buyer activity in the first and second quarters. Within a market demonstrating a typical seasonal pattern from month to month, we do see days of strong demand followed by days displaying a step down in sign up activity.

Feedback from would be homebuyers indicates a variety concerns ranging from affordability and the inability to sell an existing home to a slowing economy and the fear of potentially losing their job. In sum, I think consumer confidence is uncertain at best, and confidence is something difficult to solve with a lower price or higher incentive. This is where our disciplined approach to the market to the market focuses on capturing incremental volume without giving up too much price. If we look beyond the day to day volatility, the overall demand environment isn't far off our historical pre COVID absorption paces. Our Q1 absorption pace of 2.7 homes per month was consistent with our pre COVID averages, while our Q2 absorptions of 2.4 homes per month were just under our 2.6 pre COVID average.

In other words, our demand is reasonable, but we are happy to compete for each home sale, and we are seeing meaningful differences in demand strengths and weaknesses from market to market. One of the most encouraging dynamics that I would highlight is that a drop in interest rates does stimulate traffic into our communities and a corresponding increase in sign up activity. This was clearly evident as rates dropped in the last two weeks of June as well as at different points during our first and second quarters. I think this supports our view that people desire homeownership and remain actively engaged in the process. They just need the value equation to work and to have confidence in their financial circumstances to feel more comfortable signing the contract.

Given the demand conditions we have experienced in the first six months and an overall heightened sense of uncertainty among consumers, we have taken actions to adjust our operations to today's market conditions. We made the decision early in the year to slow our land spend, reduce our starts rate, and we have worked aggressively to sell excess spec inventory. We have been proactive and very tactical in responding to demand conditions as they exist in each market. Our focus on achieving high returns doesn't change, but the approach may as we balance the primary drivers of pace and price within each community. Before turning the call over to Jim, I do want to recognize and thank our incredibly talented team as they continue to deliver the highest quality homes and customer experience while still achieving exceptional financial results.

Now let me turn the call over to Jim Olesowski.

Thank you, and good morning. As Ryan indicated, while there are challenges within today's housing market, there are certainly positives to be taken from FulteGroup's second quarter results and how we have positioned our business for long term success. Net new orders in the second quarter totaled 7,083 homes, which is down 7% from last year's second quarter. The year over year decline in net new orders for Q2 reflects a 13% decrease in overall absorption pace, partially offset by a 6% increase in our average community count for the quarter to nine ninety four. As a percentage of starting backlog, our cancellation rate for the second quarter was 11%, which is consistent with Q1 and only a point and a half increase from Q2 of last year.

Stability in the cancellation rate suggests that most homebuyers remain comfortable and confident in completing their home purchase once they are under contract. Our second quarter absorption pace of 2.4 homes per month was down from 2.7 homes per month in Q2 of last year. The year over year differential of roughly three homes was fairly constant through the three months of Q2. Said another way, we experienced a typical seasonal trend, but the core demand is simply running at a lower pace this year. Looking at our net new orders by buyer group, first time and move up buyers were down 914%, respectively, from last year, while our active adult business was up 9%.

Specific to our active adult business, in addition to the underlying demand among these buyers, we are benefiting from new community openings coming online this year. To be clear, while these active adult orders make up 24% of the total this quarter, they will primarily deliver its twenty twenty six closings. It is fair to say that we are pleased to see the new Del Webb communities being well received. Second quarter home sale revenues of $4,300,000,000 were down 4% from prior year revenues of $4,400,000,000 The decrease in home sale revenues was driven entirely by lower closing volume as deliveries were down 6% to 7,639 homes. The decrease in closings was partially offset by a 2% increase in average sales price of $559,000 By buyer group, closings in the second quarter were thirty eight percent first time, 42% move up, and 20% active adult.

In the second quarter of last year, the closings mix was forty percent first time, 37% move up, and 23% active adult. Given second quarter orders and closing activities, we ended the quarter with a backlog of 10,779 homes, valued at $6,800,000,000 In the comparable prior year period, company's backlog totaled 12,982 homes, with a value of $8,100,000,000 In the second quarter, we started 7,220 homes, which is down 11% from the 8,146 homes we started in the second quarter of twenty twenty four. Given the volatility in demand that we have experienced thus far in 2025, and continue to carefully manage our start pace to better align our available inventory with current rate of sales. As such, we ended Q2 with a total of 16,105 homes in production, of which 47% were spec units. On a sequential basis, our inventory of 7,606 spec homes under production was down 3% from the first quarter and down 13% from the start of the year.

Based on expected home sales and starts, we anticipate our spec inventory to be within our target range of 40% to 45 of overall units in production by year end. In managing specs, we are trying to achieve multiple objectives, including having enough units to meet buyer demand while still allowing our sales counselors to sell from a position of strength. As the market evolves over the third and fourth quarters, we'll be making decisions as to how much production to start as we plan ahead for 2026. Given the recent pace of sales and stage of units under construction, we currently expect to close between 214,600 homes in the third quarter. As it relates to the full year, given our level of backlog and a slightly lower absorption pace as we have realized over the past several months, we are refining our full year 2025 closings guide to 29,000 homes.

We still expect the average sales price of closings to be in the range of $1,130,000 each of the remaining quarters and in turn for the full year. Consistent with our prior guide, we expect our Q3 and Q4 average community count to be three percent to 5% higher than the comparable prior year period. For our second quarter, we reported gross margin of 27%, which was at the top end of our guide. Relative to our guidance, our Q2 gross margin reflects both the benefit of a favorable mix of homes closed as well as the headwind of higher incentives. Incentives for the second quarter were 8.7% of gross sales price, which is up from 6.3% last year and, on a sequential basis up from 8%.

As we assess the back half of twenty twenty five, we are affirming our guidance as we expect gross margins in the third and fourth quarters to be in the range of 26% to 26.5%. During our Q1 call, we indicated a potential impact of tariffs of approximately $5,000 per unit that could hit in the latter part of Q4. At this time, we now expect any impact from tariffs in Q4 to be lower, which will help offset the cost of elevated incentives. While we have reasonable visibility into giving this gross margin guide, I will note that we still need to sell and close a meaningful number of spec homes to achieve our closings guide. SG and A expense in the second quarter totaled $390,000,000 or 9.1% of wholesale revenues.

In the prior year, our reported SG and A expense of $361,000,000 or 8.1% of wholesale revenues included a $52,000,000 pretax insurance benefit recorded in the period. We remain diligent in controlling our overhead costs, and we expect SG and A expense for the full year of 2025 to be in the range of 9.5% to 9.7% wholesale revenues. For the second quarter, our financial services operations reported pretax income of $43,000,000 down from $63,000,000 in the prior year. The decrease in pretax income for the quarter reflects the impact of lower closing volumes and slightly higher expenses. Capture rate in the second quarter was 85% compared with 86% last year.

Multi Group's reported pretax income for the second quarter was $8.00 $7,000,000 For the period, we recorded a tax expense of $199,000,000 an effective tax rate of 24.6%. We continue to expect our tax rate to be approximately 24.5%, excluding the impact of any discrete period specific tax events. On the bottom line, we reported second quarter net income of $6.00 $8,000,000 or $3.3 per share. In the comparable prior year period, we reported net income of $8.00 $9,000,000 or $3.83 per share. Prior year results are inclusive of $0.25 per share related to an insurance benefit and favorable resolution of certain state tax matters.

Our second quarter earnings per share was calculated based on $2.00 1,000,000 diluted shares, which is a decrease of 5% from the prior year as the company continues to execute its share repurchase program. In the second quarter, we repurchased 3,000,000 shares to $300,000,000 for an average price of $100.54 per share. Through the first two quarters of twenty twenty five, the company has returned $600,000,000 to shareholders through its share repurchase activities. Along with allocating excess capital back to shareholders, we invested $1,300,000,000 in land acquisition and development in the second quarter. Through the first six months of twenty twenty five, we invested $2,500,000,000 in land acquisition and development, which keeps us on track with full year guidance of investing $5,000,000,000 in land development.

Inclusive of these most recent investments, we have further advanced our land pipeline in two critical areas. First, we have increased the total number of lots under control to approximately 250,000. And second, continue to make progress in becoming more land like, as option lots now comprise 60% of our total land pipeline. It is gratifying to see the progress we are making towards achieving our target of having our land pipeline be comprised of 70% optioned and 30% owned lots. Just the past twelve months, we have added almost 30,000 option lots to the pipeline, while reducing our owned lot count by approximately 4,000 lots.

Relative to peers, our land options are differentiated in that the vast majority of Colby's land options are with the underlying land seller or one off transactions with a select number of land bankers. On assessing each and every land transaction, we're just like a balance evaluating the cost versus the risk mitigation opportunities that result from auctioning the land parcel. As Ryan noted earlier, in an operating environment that has become more challenging, we are adhering to our disciplined business practices while making any needed adjustments consistent with our focus in generating strong cash flow and high returns. Consistent with this focus, we continue to expect cash flow generation for 2025 to be approximately $1,400,000,000 Looking at the balance sheet, Multi Group continues to maintain a strong and highly supportive financial position. We ended the quarter with $1,300,000,000 of cash and debt to capital ratio of 11.4%.

Adjusting for the cash balance, our net debt to capital ratio at quarter end was 2.8%. Now let me turn the call back to Ryan for some final comments.

Thanks, Jim. As I discussed at the outset of this call, beyond the overall volatile demand dynamics, we are seeing meaningful differences in relative buyer strength across our portfolio. More specifically, in the second quarter, we experienced very positive demand conditions in key markets in the Midwest and Southeast, including Cleveland, Chicago, Indianapolis, Charlotte and the Coastal Carolinas. I would also call out the positive net to order numbers realized in Florida as our operations grew orders 2% over the prior year. Within the state, gains in our Central, West And Southwest markets were partially offset by softer numbers in our Northeast And Southeast Florida operations.

We fully appreciate there is inventory on the ground and builders are competing hard, but we are selling from exceptional communities following years of hard work to assemble an outstanding land pipeline. As shown in this morning's press release, we are experiencing less favorable demand out West and in our Texas markets. Within these geographies, we are seeing some of our biggest challenges in Dallas, Boston, and our Northern And Southern California markets, most notably among move up buyers. While these are very different markets serving different buyers and price points, they do share some commonalities. These are markets that have realized significant price appreciation in recent years and have a meaningful tech employment component within their local economies.

Given the tremendous variation in market conditions, it's so important to have experienced operators who know what actions are needed. In some markets, this means raising prices, starting homes, and pushing aggressively to get new communities open. In other markets, it means slowing starts, focusing on selling finished inventory and taking the opportunity to retrade or even exit land deals. With an average tenure approaching twenty years among our division presidents, we have experienced leaders running our operations. And finally, before opening the call to questions, I want to note a press release issued earlier this month announcing plans for Deb Still to retire at the end of this year.

Deb is currently the vice chair of Fulte Financial Services. But if you have had any involvement with Fulte over the years, you know Deb is a force in the mortgage industry. We and the entire lending industry have benefited from Deb's Deb's four decades of insightful leadership and tireless work to make the industry better and more accessible to all homebuyers. On behalf of our board, the company and the shareholders of Boldby, I want to thank Deb for the success she has delivered and the foundation she established and upon which we will continue to build going forward. Now let me turn the call over to Jim Zimmer.

Great. Thanks, Ryan. We're now prepared to open the call for questions so we can get to as many questions as possible. During the remaining time of this call, we ask that you limit yourself to one question and one follow-up. Jeannie, if you would again explain the process, we will open the call for questions.

And your first question comes from the line of John Lovallo with UBS. Please go ahead.

Good morning, Thanks for taking my questions. The first one I had is that you guys talked about some encouraging signs as rates kind of pulled back in late June. Curious, rates have been a little bit bouncy, but fairly stable, I guess, through July. So I'm curious if the improvement that you saw in June kind of carried through into July. And we've also seen some recent improvement in consumer confidence.

Is that helping kind of support this demand in your view?

Yes, John. We did see real positive response from consumer the last couple of weeks of June when rates came down. As we highlighted in the prepared remarks, it drove extra or incremental traffic into the communities, and and we saw good conversion out of that incremental traffic. So we're we're certainly encouraged by the consumer response. July, you know, I would tell you July has been, you know, a little up and down.

There's been just really good days, and and there have been, you know, some down days as well. The July was I feel like the entire country went on vacation with the way until fourth of July fell. But we're encouraged by what we've been seeing the last couple of weeks.

Okay. That's great. And then maybe just on stick and brick cost, maybe how they trended in the quarter? And then on the land side, we've heard some signs of perhaps a little bit relief on the development side of the cost equation. Maybe if you can comment on both of those would be great.

Sure. Thanks, John. The Sticks and Bricks, they were at $79 per square foot, so consistent with last year and sequentially the same as Q1. So they're holding firm for us.

On the development side, yeah, we're hearing some of the same things, a little bit of opportunity on the development side. You've got trades out there, a lot of heavy machinery. People want to put it to work. So it's encouraging with what we're seeing. Don't really see that coming through in kind of our quarterly results.

But as we look forward, we're hoping that we see some benefit from that going forward.

Your next question comes from the line of Ivy Zelman with Zelman and Associates. Please go ahead.

PulteGroup (PHM) Q2 2025 Earnings Call Transcript

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