(Compares with estimates, adds details)
July 30 (Reuters) – No.1 U.S. homebuilder D.R. Horton Inc beat Wall Street estimates for third-quarter profit and revenue on Tuesday, boosted by higher home sales and declining mortgage rates.
Orders, an indicator of future revenue, rose 6.4% to 15,588 homes in the quarter.
Despite lower mortgage rates and a strong labor market the housing market is still struggling to rebound from the soft patch it hit last year, as the shortage in properties has pushed prices higher. Also adding to the pressure is sluggish wage growth.
D.R. Horton said it sold 15,971 homes in the quarter, up from 14,114 a year ago, while the average home price fell 2% to $296,450.
Net income attributable to the company rose to $474.8 million, or $1.26 per share, in the third-quarter ended June 30, from $453.8 million, or $1.18 per share, a year earlier.
Revenue rose 10.6% to $4.91 billion.
Analysts, on average, expected a profit of $1.07 per share on revenue of $4.52 billion. (Reporting by Dominic Roshan K.L. and Sanjana Shivdas in Bengaluru; Editing by Shailesh Kuber)