Question · Q3 2025
Rafe Chadrosic asked about PulteGroup's current finished specs per community versus its target, future start planning, and the factors influencing the SG&A guidance for Q4.
Answer
Ryan Marshall, President and CEO, stated PulteGroup has about 2,000 finished specs (approximately two per community), aiming for 1.2 per community. Current start rates align with sales, with a focus on reducing finished specs and increasing built-to-order sales. David Carrier, Senior Vice President of Finance, indicated Q4 SG&A is consistent with Q3, with the wider range attributed to the closing guide and efforts to move spec inventory.