1057 ET - PulteGroup is changing its approach to spec builds. The Atlanta home builder ended the year with 16,439 homes in production. It adds that about 53% of its production is spec, including 1,862 finished spec builds. CFO Bob O'Shaughnessy on an earnings call says the company will reduce its pace of spec starts in communities with higher spec inventory levels to better match local selling conditions and help reduce standing inventory, depending on if the spring selling season trends toward lower absorptions. PulteGroup's goal is to reduce its spec inventory back down to 40% to 45% of its total production by the end of the year. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
January 30, 2025 10:57 ET (15:57 GMT)
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