UPDATE 2-Pulte's revenue misses as growth in home sales slows

* Q3 profit edges past estimate, rev misses

* Home sales up 2.3 pct, slowest growth in 8 qtrs

* Orders jump 11 pct

* Shares slip 1.4 pct premarket (Adds FactSet estimates, share move and background)

Oct 24 (Reuters) - PulteGroup Inc, the No. 3 U.S. homebuilder, reported lower-than-expected quarterly revenue as growth in its home completions slowed at a time when hurricanes ravaged thousands of homes in the country.

Atlanta, Georgia-based Pulte's number of homes sold rose 2.3 percent to 5,151 units in the third quarter ended Sept. 30, but it was its slowest growth in eight quarters. The figure also missed the estimate of 5,433 units, according to FactSet.

Pulte, which mainly sells single-family homes, said the average selling price increased 6.7 percent to $399,000, missing FactSet estimate of $407,000.

Pulte's shares were down 1.4 percent at $27.50 in premarket trading on Tuesday.

While bigger rival Lennar Corp said last month that it expected hundreds of home deliveries and orders to be hurt by the recent hurricanes and No. 1 U.S. homebuilder D.R. Horton Inc slashed its 2017 forecast for cash flow from operations, Pulte has not yet disclosed any details on how the hurricanes impacted its operations.

"We remain optimistic about the strength of future housing demand...," Pulte Chief Executive Ryan Marshall said in a statement on Tuesday.

Orders, a key metric of future revenue for homebuilders, rose 11 percent to 5,300 units in the quarter despite the recent hurricanes, beating FactSet's estimate of 5,107 units.

While demand for housing remains robust, there is an acute shortage of homes for sale, partly constrained by a lack of labor.

Harvey and Irma could worsen the housing shortage as scarce labor is being pulled toward the rebuilding efforts and materials are bid higher.

Pulte's home sale gross margin was 23.9 percent, down 80 basis points from a year earlier.

In July, the homebuilder said it was pressured by higher lumber prices following wildfires in Canada, which are expected to weigh on costs in the second half of the year as well.

The company's net income rose 38.2 percent to $177.5 million, or 58 cents per share, in the quarter.

The company earned 60 cents per share on an adjusted basis, edging past estimates of 59 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 9.6 percent to $2.13 billion, but missed the average analyst estimate of $2.30 billion.

Up to Monday's close, Pulte's shares had risen 51.8 percent this year. (Reporting by Arunima Banerjee in Bengaluru; Editing by Bernard Orr and Maju Samuel)