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US homebuilder PulteGroup's profit surges 51.5%

A contractor cuts wood while working at the PulteGroup Inc. Sage housing development under construction
David Paul Morris | Bloomberg | Getty Images
A contractor cuts wood while working at the PulteGroup Inc. Sage housing development under construction

PulteGroup, the No.3 U.S. homebuilder, reported a 51.5 percent jump in quarterly profit as it sold more homes at higher prices.

The company's net income rose to $83.3 million, or 24 cents per share, in the first quarter ended March 31 from $55 million, or 15 cents per share, a year earlier.

Total revenue rose 26.4 percent to $1.43 billion.

PulteGroup said the average selling price rose 9.3 percent to $353,000, while new orders rose 10 percent to 5,652 homes.