PulteGroup reports Q1 gross orders totaled 8,898 homes

First quarter gross orders totaled 8,898 homes, an increase of 1% over prior year gross orders of 8,767 homes. Net new orders for the first quarter decreased 8% from the prior year to 7,354 homes. As a percentage of 2022 year-end backlog, the cancelation rate in the first quarter was 13% which is up from 4% in the comparable prior year period. The dollar value of net new orders in the first quarter decreased 20% from the prior year to $3.8 billion. The Company operated from an average of 879 communities in the quarter, an increase of 13% over the prior year. The Company’s quarter end backlog was 13,129 homes valued at $8.0 billion. The average sales price in backlog was $608,000, an increase of 5% over the prior year.