W
ith the government shutdown blocking the Census Bureau’s housing‑start and permit releases, PulteGroup’s quarterly report offers a rare glimpse into current construction activity. The builder’s third‑quarter results show a 5% rise in its “community count” – the number of active developments with homes on the market – even as overall closings fell 5% to 7,529 units. Earnings per share hit $2.96, topping the $2.89 forecast, while the average sales price climbed 3% to $564,000, well above the national median of roughly $410,800.

    Net new orders slipped 6% to 6,638 homes worth $3.6 billion, yet the company still maintained a backlog of about 9,900 homes valued at $6.2 billion. Revenue dipped 2% year‑over‑year to $4.2 billion, and net income fell to $586 million from $698 million a year earlier.

    CEO Ryan Marshall noted that lower mortgage rates are encouraging, but buyer confidence remains shaky amid affordability pressures. For the industry, the data suggest that while construction activity has moderated, major builders stay profitable and cautiously optimistic about 2026, buoyed by falling rates but still hampered by affordability constraints.