The price of new homes is rising.
The average selling price of a new home in the first quarter rose 10 percent, to $317,000, from a year ago, PulteGroup chairman, president and CEO Richard Dugas, Jr. said Thursday.
Pulte’s new orders were down 6 percent from the prior year, but Dugas said in a statement that he is “pleased with the start of the spring selling season.”
Demand for new houses accelerated through the quarter, he said.
“We continue to believe housing is in the early stages of a multi-year recovery benefiting from low interest rates, low inventory and continued relative affordability of homes, and with consumers looking for well-located houses and displaying a clear willingness to invest in those features they value most,” he said in the statement.
Pulte, which is relocating to Atlanta from Michigan, made $74.8 million in the quarter. It was an 8.5 percent decrease from the prior year’s profits, largely due to higher income tax expenses.
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