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Business Times
5 days ago
- Business
- Business Times
US new-home sales remain tepid on affordability constraints
[WASHINGTON] Sales of new homes in the US remained weak in June as builders' heavier use of sales incentives failed to motivate buyers put off by high costs. Contract signings on new single-family homes increased 0.6 per cent to an annualised rate of 627,000 last month, according to government data released on Thursday (24 Jul). That fell short of the 650,000 median estimate in a Bloomberg survey of economists. June's results show US homebuilders are struggling to offset an ugly mix of high prices and borrowing costs by offering incentives and subsidising customers' mortgage rates, which risk eroding profit margins. This week, Atlanta-based PulteGroup posted better-than-expected earnings, despite reporting a slowdown in orders. Sales incentives have grown to 8.7 per cent of its houses' gross sale price, more than double a 'normal' incentive load, executives said on an earnings call. 'I long for the days of more normal incentive loads of 3 per cent to 3.5 per cent,' chief executive officer Ryan Marshall said on the earnings call. 'Hopefully as we get out into kind of future years, that will become possible again.' An industry survey showed 37 per cent of homebuilders reporting cutting prices in June, and climbed even higher in July to a record in monthly data back to 2022. That poll also revealed weak trends in traffic of prospective buyers amid affordability constraints, which similarly restrained sales of previously owned homes last month. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'In line with yesterday's soft existing home sales figure, these numbers underscore that housing demand has downshifted in recent months,' Stephen Stanley, chief economist at Santander US Capital Markets, said in a note. 'Barring a steep fall in mortgage rates, which seems unlikely, there is little reason to expect a quick revival.' Thursday's government report showed the supply of new homes for sale in June increased to 511,000, still the highest level since 2007. In recent months, a growing inventory has caused many builders to pull back on groundbreaking, with new single-family construction falling last month to the lowest level in a year. The supply of completed homes for sale edged up in June to the highest since 2009. The median sales price of a new home decreased 2.9 per cent from a year ago to US$401,800 – marking the fifth annual decline in the last six months. While new-home prices have softened the last couple years, they remain more than 23 per cent higher than the early months of the pandemic. Selling prices are 'still too much for most Americans to afford as long as mortgage rates stay near 7 per cent,' Heather Long, chief economist at Navy Federal Credit Union, said in a note. 'The encouraging news is there are more new homes for sale this summer than last year, and prices are inching down a bit. But it will take a lot more relief to see the real estate market unfreeze.' Sales in the South, the biggest US homebuilding region, increased 5.1 per cent last month after falling 15 per cent a month earlier. Purchases also rose in the Midwest, while contract signings in the West dropped to the slowest pace in seven months. New-home sales are seen as a more timely measurement than purchases of existing homes, which are calculated when contracts close. However, the data are volatile. The government report showed 90 per cent confidence that the change in new-home sales ranged from a 12.7 per cent decline to a 13.9 per cent gain. Residential investment is expected to be a drag on overall economic activity, when the government publishes its initial estimate of second-quarter gross domestic product on Wednesday. Also that day, the National Association of Realtors will release a report on June contract signings in the home resale market. BLOOMBERG
Malaysian Reserve
22-07-2025
- Business
- Malaysian Reserve
Eightpoint's New Holy Bible App Makes It Easy to Stay Connected to God's Word-Even Offline
Now available on iOS and Android, the Holy Bible app helps users stay spiritually grounded with daily verses, devotionals, multiple translations, and offline access. GEORGE TOWN, Cayman Islands, July 22, 2025 /PRNewswire/ — For many people of faith, finding time each day to read the Bible can be difficult. Whether it's due to a busy schedule, lack of access to a physical Bible, or not knowing where to begin, staying consistent with Scripture isn't always easy. The newly launched Holy Bible app, now available on Android and iOS, is designed to remove those barriers and help users stay connected to God's Word—anytime, anywhere. Created for readers of all ages and backgrounds, the app offers a streamlined, accessible way to engage with Scripture every day. Users can receive inspirational Bible verses daily, explore multiple Bible translations including the King James Version (KJV), and access thoughtful devotionals that offer encouragement and guidance. The Holy Bible app also includes a growing library of faith-based articles to help deepen users' understanding of Biblical teachings. With offline access, users can read the Bible and devotionals even when they're on the go or without internet service—perfect for travel or limited-connectivity environments. Designed with simplicity in mind, the app features an intuitive layout that allows for easy navigation, highlighting, bookmarking, and note-taking, making it ideal for both quick inspiration and deeper study. Verses and devotionals can also be shared easily with friends and family, encouraging a sense of community and shared faith. 'We built this app to serve the real needs of people trying to grow spiritually in a busy, modern world,' said Ryan Marshall, Chief Product Officer. 'Our goal is to make it easier to bring Scripture into daily life in a meaningful way.' The Holy Bible app is now available for free download on the Apple App Store and Google Play Store. Whether you're a longtime believer or exploring the Bible for the first time, Holy Bible offers a welcoming, practical way to stay rooted in God's Word. Download Holy Bible App Now Eightpoint is a digital product company transforming bold ideas into impactful, scalable products. We rapidly build and evolve user-first products that solve real problems—from desktop to mobile and beyond. Our growing ecosystem includes innovative products like NOAA Live Weather Radar, a sleek app that delivers real-time forecasts with clarity and ranks among the most-used weather apps in the World; Check Heart Rate Now, a quick and easy wellness monitor; and Wave Browser, a powerful and secure way to search the web. Every product we launch is designed to engage users, enhance daily life, and deliver real-world value. Backed by data and driven by a relentless commitment to quality, Eightpoint moves fast, thinks big, and builds digital experiences that people love. Discover how we turn big ideas into bold digital products at
Yahoo
22-07-2025
- Business
- Yahoo
Pultegroup beats quarterly revenue estimates as sales incentives hold up
(Reuters) -Homebuilder Pultegroup on Tuesday posted second-quarter revenue above Wall Street estimates, helped by steady home sales resulting from buyer incentives, sending the company's shares up 1.7% before the bell. The sector is grappling with a weakening consumer sentiment, prompting builders to offer incentives like mortgage rate buydowns and smaller, more affordable homes to stimulate demand - which in turn hurt their margins. Home sale gross margin in the second quarter decreased to 27% from 29.9% last year. "Over the course of the 2025 spring selling season, we saw consumers dealing with a range of issues from high interest rates and challenged affordability to macro concerns about the strength of the economy," said CEO Ryan Marshall. Marshall, however, noted positive consumer response to the pullbacks in interest rates in late June. The Atlanta-based company's second-quarter revenue fell 4.3% from a year ago to $4.40 billion, but was still ahead of analysts' estimate of $4.39 billion, according to data compiled by LSEG. Pultegroup earned $608.5 million, or $3.03 per share, in the quarter ended June 30, compared with year ago net income of $809.1 million, or $3.83 per share.
Reuters
22-07-2025
- Business
- Reuters
Pultegroup beats quarterly revenue estimates as sales incentives hold up
July 22 (Reuters) - Homebuilder Pultegroup (PHM.N), opens new tab on Tuesday posted second-quarter revenue above Wall Street estimates, helped by steady home sales resulting from buyer incentives, sending the company's shares up 1.7% before the bell. The sector is grappling with a weakening consumer sentiment, prompting builders to offer incentives like mortgage rate buydowns and smaller, more affordable homes to stimulate demand - which in turn hurt their margins. Home sale gross margin in the second quarter decreased to 27% from 29.9% last year. "Over the course of the 2025 spring selling season, we saw consumers dealing with a range of issues from high interest rates and challenged affordability to macro concerns about the strength of the economy," said CEO Ryan Marshall. Marshall, however, noted positive consumer response to the pullbacks in interest rates in late June. The Atlanta-based company's second-quarter revenue fell 4.3% from a year ago to $4.40 billion, but was still ahead of analysts' estimate of $4.39 billion, according to data compiled by LSEG. Pultegroup earned $608.5 million, or $3.03 per share, in the quarter ended June 30, compared with year ago net income of $809.1 million, or $3.83 per share.
Business Wire
22-07-2025
- Business
- Business Wire
PulteGroup Reports Second Quarter 2025 Financial Results
ATLANTA--(BUSINESS WIRE)--PulteGroup, Inc. (NYSE: PHM) announced today financial results for its second quarter ended June 30, 2025. For the quarter, the Company reported net income of $608 million, or $3.03 per share. Prior year reported net income of $809 million, or $3.83 per share, included a $52 million pre-tax, or $0.19 per share, insurance benefit and a $13 million, or $0.06 per share, tax benefit related to the favorable resolution of certain state tax matters, recorded in the period. 'PulteGroup continues to deliver strong financial results, as our disciplined business practices allow us to navigate today's highly competitive homebuilding environment,' said Ryan Marshall, President and Chief Executive Officer of PulteGroup. 'We achieved second quarter earnings of $3.03 per share, as we closed 7,639 homes while driving exceptional gross and operating margins of 27.0% and 17.9%, respectively. Our operating and financial results allowed us to continue to return funds to shareholders, as we repurchased $300 million of stock in the second quarter, while generating a return on equity* of 23%. 'Over the course of the 2025 spring selling season, we saw consumers dealing with a range of issues from high interest rates and challenged affordability to macro concerns about the strength of the economy. We are encouraged, however, by the positive consumer response we saw to the pullbacks in interest rates in late June and at times earlier in the year. 'Given the market dynamics we experienced in the first half of the year, we have aligned our home production and land investment to effectively serve today's current core demand, while positioning us to retain and grow our market share as demand strengthens in the future.' Home sale revenues for the second quarter decreased by 4% from the prior year to $4.3 billion. Lower revenues for the quarter were the result of a 6% decrease in closings to 7,639 homes, partially offset by a 2% increase in average sales price to $559,000. For its second quarter, PulteGroup reported a home sale gross margin of 27.0%, which is down from 29.9% last year, but was consistent with the Company's previously provided guidance range. The Company's reported second quarter SG&A expense was $390 million, or 9.1% of home sale revenues. Prior year reported SG&A expense of $361 million, or 8.1% of home sale revenues, included the $52 million pre-tax insurance benefit recorded in the period. The Company reported net new orders for the second quarter of 7,083 homes, which is down 7% from prior year net new orders of 7,649 homes. The dollar value of net new orders in the second quarter was $3.9 billion, compared with $4.4 billion in the prior year quarter. For the second quarter, the Company operated out of an average of 994 communities, which is an increase of 6% over the second quarter of 2024. At quarter end, the Company's backlog was 10,779 homes with a value of $6.8 billion. In the second quarter, the Company's financial services operations reported pre-tax income of $43 million, compared with prior year pre-tax income of $63 million. Pre-tax income for the period was impacted by the lower closing volumes in the Company's homebuilding operations. Mortgage capture rate for the second quarter was 85%, compared with 86% last year. The Company ended the quarter with $1.3 billion in cash and a debt-to-capital ratio of 11.4%. During the quarter, the Company repurchased 3.0 million of its outstanding common shares for $300 million, or an average price of $100.54 per share. Through the first six months of 2025, the Company has repurchased 5.8 million shares, or 3% of its common shares, for $600 million. A conference call discussing PulteGroup's second quarter 2025 results is scheduled for Tuesday, July 22, 2025, at 8:00 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at * The Company's return on equity is calculated as net income for the trailing twelve months divided by average shareholders' equity, where average shareholders' equity is the sum of ending shareholders' equity balances of the trailing five quarters divided by five. Forward-Looking Statements This release includes 'forward-looking statements.' These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words 'believe,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'plan,' 'project,' 'may,' 'can,' 'could,' 'might,' 'should,' 'will' and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future. Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry changes or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; supply shortages and the cost of labor and building materials; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; rapidly changing technological developments including, but not limited to, the use of artificial intelligence in the homebuilding industry; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us; risks associated with the implementation of a new enterprise resource planning system; risks related to information technology failures, data security issues, and the effect of cybersecurity incidents and threats; the impact of negative publicity on sales; failure to retain key personnel; the impairment of our intangible assets; the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or similar public threat or fear of such an event), and the measures taken to address it; the effect of cybersecurity incidents and threats; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations. About PulteGroup PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America's largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry's most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup's purpose is building incredible places where people can live their dreams. For more information about PulteGroup, Inc. and PulteGroup brands, go to and Follow PulteGroup, Inc. on X: @PulteGroupNews. PulteGroup, Inc. Consolidated Statements of Cash Flows ($000's omitted) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 1,131,282 $ 1,472,109 Adjustments to reconcile net income to net cash from operating activities: Deferred income tax expense 19,798 89,321 Land-related charges 42,184 7,798 Depreciation and amortization 49,714 42,891 Equity income from unconsolidated entities (911 ) (40,069 ) Distributions of income from unconsolidated entities 3,060 2,358 Share-based compensation expense 30,973 29,084 Other, net (380 ) 120 Increase (decrease) in cash due to: Inventories (533,041 ) (473,665 ) Residential mortgage loans available-for-sale 47,986 (55,346 ) Other assets (175,258 ) (294,335 ) Accounts payable, accrued and other liabilities (193,674 ) (123,002 ) Net cash provided by operating activities 421,733 657,264 Cash flows from investing activities: Capital expenditures (64,138 ) (55,317 ) Investments in unconsolidated entities (7,954 ) (9,096 ) Distributions of capital from unconsolidated entities 39,419 3,474 Other investing activities, net (6,509 ) (5,262 ) Net cash used in investing activities (39,182 ) (66,201 ) Cash flows from financing activities: Repayments of notes payable (9,163 ) (318,288 ) Financial Services borrowings (repayments), net (28,549 ) 24,416 Proceeds from liabilities related to consolidated inventory not owned 16,633 32,721 Payments related to consolidated inventory not owned (22,438 ) (70,608 ) Share repurchases (600,000 ) (559,999 ) Excise tax on share repurchases (11,550 ) — Cash paid for shares withheld for taxes (23,761 ) (17,623 ) Dividends paid (90,077 ) (84,893 ) Net cash used in financing activities (768,905 ) (994,274 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (386,354 ) (403,211 ) Cash, cash equivalents, and restricted cash at beginning of period 1,653,680 1,849,177 Supplemental Cash Flow Information: Interest paid (capitalized), net $ 8,088 $ 13,215 Income taxes paid (refunded), net $ 392,286 $ 365,061 Expand PulteGroup, Inc. Segment Data ($000's omitted) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 HOMEBUILDING: Home sale revenues $ 4,267,975 $ 4,448,168 $ 8,017,244 $ 8,267,754 Land sale and other revenues 34,622 39,825 87,176 77,042 Total Homebuilding revenues 4,302,597 4,487,993 8,104,420 8,344,796 Home sale cost of revenues (3,115,450 ) (3,117,482 ) (5,834,564 ) (5,806,569 ) Land sale and other cost of revenues (30,488 ) (38,873 ) (81,443 ) (75,917 ) Selling, general, and administrative expenses (390,453 ) (361,145 ) (783,790 ) (718,739 ) Equity income (loss) from unconsolidated entities, net (841 ) 1,117 (339 ) 39,019 Other income (expense), net (1,006 ) 13,324 5,355 30,008 FINANCIAL SERVICES: Income before income taxes $ 42,797 $ 63,378 $ 78,655 $ 104,357 Income before income taxes $ 807,156 $ 1,048,312 $ 1,488,294 $ 1,916,955 Expand PulteGroup, Inc. Segment Data, continued ($000's omitted) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Home sale revenues $ 4,267,975 $ 4,448,168 $ 8,017,244 $ 8,267,754 Closings - units Northeast 451 378 790 663 Southeast 1,402 1,499 2,595 2,944 Florida 1,882 2,150 3,532 4,067 Midwest 1,272 1,196 2,362 2,186 Texas 1,218 1,472 2,257 2,800 West 1,414 1,402 2,686 2,532 7,639 8,097 14,222 15,192 Average selling price $ 559 $ 549 $ 564 $ 544 Net new orders - units Northeast 384 400 788 841 Southeast 1,405 1,396 2,761 2,790 Florida 1,773 1,746 3,642 3,718 Midwest 1,272 1,265 2,660 2,539 Texas 1,042 1,275 2,329 2,729 West 1,207 1,567 2,668 3,411 7,083 7,649 14,848 16,028 Net new orders - dollars $ 3,887,938 $ 4,358,508 $ 8,365,765 $ 9,057,167 Unit backlog Northeast 613 745 Southeast 2,078 2,092 Florida 2,905 3,443 Midwest 2,100 2,045 Texas 1,020 1,566 West 2,063 3,091 10,779 12,982 Dollars in backlog $ 6,843,239 $ 8,109,128 Expand PulteGroup, Inc. Segment Data, continued ($000's omitted) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 MORTGAGE ORIGINATIONS: Origination volume 4,984 5,105 9,255 9,437 Origination principal $ 2,164,755 $ 2,140,103 $ 4,030,773 $ 3,895,150 Capture rate 84.8 % 86.5 % 85.5 % 85.4 % Expand PulteGroup, Inc. Reconciliation of Non-GAAP Financial Measures This report contains information about our debt-to-capital ratios. These measures could be considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, comparable GAAP financial measures. We calculate total net debt by subtracting total cash, cash equivalents, and restricted cash from notes payable to present the amount of assets needed to satisfy the debt. We use the debt-to-capital and net debt-to-capital ratios as indicators of our overall leverage and believe they are useful financial measures in understanding the leverage employed in our operations. We believe that these measures provide investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability and liquidity to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies. The following table sets forth a reconciliation of the debt-to-capital ratios ($000's omitted):
