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FOR IMMEDIATE RELEASE		Investor Relations
		Contact: James Zeumer
		Vice President
		(248) 433-4597
		email: jim.zeumer@pulte.com

		Media Relations
		Contact: Valerie Dolenga
		Corporate Communications
		(248) 433-4633
		email: valerie.dolenga@pulte.com

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Earnings Per Diluted Share from Continuing Operations Increase 40% to $1.95 (split adjusted), as Net Income from Continuing Operations Climbs to $248 Million

•

Company Raises Guidance for 2004 Earnings from Continuing Operations to a Range of $6.00 to $6.25 (split adjusted) Per Diluted Share

Bloomfield Hills, MI, January 28, 2004 - Pulte Homes, Inc. (NYSE: PHM) today announced record financial results for its fourth quarter and year ended December 31, 2003. For the quarter, net income from continuing operations increased 44% to a record $248.0 million, as compared to $172.0 million in 2002. Fourth quarter earnings per diluted share from continuing operations increased 40% to $1.95 (split adjusted), as compared to prior year earnings per diluted share of $1.39 (split adjusted). All “per share” results have been adjusted for the Company’s two-for-one stock split that was announced on December 11, 2003, and effective as of January 2, 2004.

Consolidated fourth quarter revenues for the Company increased 23% to a record $3.1 billion. For the year, Pulte reported record consolidated revenues of $9.0 billion, representing a 21% increase over the prior year and the first time the Company’s revenues have topped $9 billion.

“The strength of our fourth quarter and full year results reflects the success of Pulte’s unique segmentation strategy that emphasizes serving all major buyer segments. In addition, we continue to focus on driving more of every revenue dollar to the bottom line,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “Our success in these areas has also resulted in the Company achieving targeted improvements in returns on equity and invested capital.”

“Given our record backlog, accelerating order rates and improving margins, we are raising our earnings guidance for 2004,” added Mr. Dugas. “Based on current market conditions, we project 2004 earnings from continuing operations to be in the range of $6.00 to $6.25 per diluted share, or a growth rate of 22% to 27% over 2003.”

Revenues from domestic homebuilding settlements for the fourth quarter increased 24% to a record $2.9 billion. Higher revenues for the period were the result of a 6% increase in average selling price to $261,000, combined with a 17% increase in total home deliveries to a fourth quarter record 11,159 houses. The higher average selling price for the period reflects a combination of price increases and changes in the mix of homes delivered.

Fourth quarter domestic homebuilding pretax income increased 43% to $399.7 million, as compared to prior year pretax income of $278.8 million. Pretax income for the period reflects a 150 basis point increase in gross margins from home sales resulting from price increases realized during the quarter, a favorable product mix and an improvement in overall operating efficiencies. Selling, General & Administrative expenses as a percent of home settlement revenues increased 20 basis points to 8.6%.

Land sales during the quarter generated $115.3 million in revenues and $40.8 million in gross profits, as compared to $89.8 million and $27.4 million, respectively, in 2002. Land sales are an important component of the Company’s domestic homebuilding operations, but can fluctuate quarter-to-quarter depending upon the timing of individual land transactions.

Domestic net new home orders for the quarter were 8,465, up 31% from the prior year fourth quarter orders of 6,458 homes. Pulte’s ending backlog for its domestic operations was valued at $4.1 billion (13,952 homes), as compared to $2.9 billion (10,605 homes) in 2002.

Fourth quarter pretax income for the Company’s financial services operations totaled $17.5 million, down slightly from prior year pretax income of $19.1 million as gains associated with increased loan origination volumes were partially offset by a less favorable interest rate environment. Higher homebuilding volumes, combined with an expanded capture rate of 83%, helped to drive loan production for the period to 9,083 loans.

For the fourth quarter, Pulte’s International operations reported pretax income of $3.1 million, as compared to $3.3 million in 2002. Improved fourth quarter performance in the Company’s Mexico and Puerto Rico operations was offset by reduced profitability in Argentina. As previously announced, the Company is in the process of evaluating various long-term strategic alternatives with regard to its International operations.

For the year ended December 31, 2003, Pulte Homes’ net income from continuing operations increased 39% to $617.3 million, as compared to prior year net income of $444.6 million. Diluted earnings per share from continuing operations for 2003 were $4.91 per share (split adjusted), an increase of 36% over prior year earnings per diluted share of $3.60. Consolidated revenues for the period were $9.0 billion, up from $7.5 billion in 2002.

Revenues from domestic homebuilding settlements for 2003 were $8.5 billion, up 21% over the prior year. Higher revenues for the period resulted from a 7% increase in average selling price to $259,000, combined with a 13% increase in the number of homes closed which totaled a record 32,693 homes. The increase in average selling price for the period reflects a combination of price increases and a favorable change in the mix of product closed during the period.

Domestic homebuilding pretax income for the year increased 39% to a record $998.8 million, as compared to prior year pretax income of $719.0 million. Gross margins from home sales for the period increased 120 basis points to 20.6%. This improvement was partially offset by a 20 basis point increase in SG&A expense as a percent of home settlement revenues. Land sales for the year generated $65.9 million in gross margin, as compared to $53.0 million in 2002.

For 2003, Pulte’s financial services operations reported pretax income of $68.8 million, up 3% from prior year pretax income of $66.7 million. The improvement was driven by an increase in loan originations and a higher capture rate of approximately 83%, as compared to 78% in 2002.

Pulte’s International operations reported pretax income for 2003 was $3.3 million, as compared to pretax income of $5.1 million in 2002. Gains in the Company’s Puerto Rico operations were offset by weaker results in Mexico and Argentina.

A conference call discussing Pulte Homes’ fourth quarter results will be held Thursday, January 29, 2004, at 8:30 a.m. Eastern Time, and web cast live via Pulte.com. Interested investors can access the call via the Company’s home page at www.pulte.com.

Certain statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes and the availability of mortgage financing; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of insurance covering risks associated with our business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives and/or local building moratoria; (10) governmental regulation, including the interpretation of tax, labor and environmental laws; (11) changes in consumer confidence and preferences; (12) required accounting changes; (13) terrorist acts and other acts of war; and (14) other factors over which the Company has little or no control.

Pulte Homes, Inc., (www.pulte.com) based in Bloomfield Hills, Michigan, has operations in 44 markets across the United States. Under its Del Webb (www.delwebb.com) brand, the Company is also the nation’s leading builder of active adult communities for people age 55 and older. Over its history, the Company has constructed more than 370,000 homes and has been named Builder of the Year for 2002 by Professional Builder magazine. Pulte Mortgage LLC is a nationwide lender committed to meeting the financing needs of Pulte Homes’ customers by offering a wide variety of loan products and superior customer service.

Pulte Homes, Inc.
Condensed Consolidated Results
Of Operations
(000’s omitted, except per share data)
(Unaudited)


		Three Months Ended						Year Ended
		December 31,						December 31,

		2003			2002			2003			2002

CONSOLIDATED RESULTS:
Revenues:
	Homebuilding	$	3,107,284		$	2,515,397		$	8,929,798		$	7,363,989
	Financial Services		30,626			31,926			115,847			106,628
	Corporate		438			686			3,281			1,202

Total Revenues		$	3,138,348		$	2,548,009		$	9,048,926		$	7,471,819

Pre-tax income (loss):
	Homebuilding	$	402,843		$	282,031		$	1,002,161		$	724,067
	Financial Services		17,491			19,139			68,846			66,723
	Corporate		(20,335	)		(19,198	)		(75,351	)		(61,968	)

Income from continuing operations before income taxes			399,999			281,972			995,656			728,822
Income taxes			(152,013	)		(109,928	)		(378,334	)		(284,221	)

Income from continuing operations			247,986			172,044			617,322			444,601
Income (Loss) from discontinued operations			(92	)		(160	)		7,312			9,044

Net income		$	247,894		$	171,884		$	624,634		$	453,645

EARNINGS PER SHARE — ASSUMING DILUTION:
Income from continuing operations		$	1.95		$	1.39		$	4.91		$	3.60
Income (Loss) from discontinued operations			—			—			.06			.07

Net income		$	1.94		$	1.39		$	4.97		$	3.67

Shares used in per share calculations			127,464			123,648			125,730			123,492

Certain 2002 classifications have been changed to conform with the 2003 presentation. In addition, all share and per share amounts have been restated to retroactively reflect the stock split announced December 11, 2003 and effected January 2, 2004.

Pulte Homes, Inc.
Condensed Consolidated Balance Sheets
($000’s omitted)
(Unaudited)


			December 31, 2003		December 31, 2002

ASSETS
Cash and equivalents			$	404,092	$	613,168
Unfunded settlements				122,300		60,641
House and land inventories				5,528,410		4,293,597
Land, not owned, under option agreements				73,256		—
Residential mortgage loans available-for-sale				541,126		600,339
Goodwill				307,693		307,693
Intangible assets				143,704		151,954
Other assets				952,917		861,063

			$	8,073,498	$	6,888,455

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
	Accounts payable, accrued and other liabilities		$	1,915,725	$	1,565,131
	Collateralized short-term debt, recourse solely to applicable subsidiary assets			479,287		559,621
	Income taxes			79,391		90,009
	Senior notes and subordinated debentures			2,150,972		1,913,268

		Total Liabilities		4,625,375		4,128,029
Shareholders’ Equity				3,448,123		2,760,426

			$	8,073,498	$	6,888,455

Certain 2002 classifications have been changed to conform with the 2003 presentation.


				Three Months Ended
				December 31,

				2003			2002

HOMEBUILDING:
	Pre-tax income:
	Domestic			$	399,706		$	278,755
	International				3,137			3,276

		Total Homebuilding		$	402,843		$	282,031

Domestic Homebuilding:
	Home sales (settlements)			$	2,916,448		$	2,353,696
	Land sales				115,332			89,801

		Domestic Homebuilding
		Revenue			3,031,780			2,443,497
	Home cost of sales				(2,306,319	)		(1,896,768	)
	Land cost of sales				(74,570	)		(62,444	)
	Selling, general & administrative expense				(252,185	)		(197,099	)
	Other income (expense), net				1,000			(8,431	)

	Pre-tax income			$	399,706		$	278,755

International Homebuilding:
	Home sales (settlements)			$	75,504		$	71,900
	Cost of sales				(61,410	)		(57,636	)
	Selling, general & administrative expense				(10,751	)		(10,243	)
	Other income (expense), net				169			(161	)
	Minority Interest				(1,427	)		(1,178	)
	Equity in income of joint venture operations				1,052			594

	Pre-tax income			$	3,137		$	3,276

FINANCIAL SERVICES:
	Pre-tax income			$	17,491		$	19,139

CORPORATE:
	Pre-tax loss:
	Net interest expense			$	(10,653	)	$	(9,731	)
	Other Corporate expense, net				(9,682	)		(9,467	)

			Total Corporate	$	(20,335	)	$	(19,198	)

Certain 2002 classifications have been changed to conform with the 2003 presentation. Domestic Homebuilding interest expense, which represents the amortization of capitalized interest, of $28.0 million and $15.6 million for the three months ended December 31, 2003 and 2002, respectively, has been reclassified to home cost of sales. The reclassifications had no impact on reported net earnings.


				Year Ended
				December 31,

				2003			2002

HOMEBUILDING:
	Pre-tax income:
	Domestic			$	998,822		$	719,010
	International				3,339			5,057

		Total Homebuilding		$	1,002,161		$	724,067

Domestic Homebuilding:
	Home sales (settlements)			$	8,482,341		$	6,991,614
	Land sales				219,320			176,301

		Domestic Homebuilding Revenue			8,701,661			7,167,915
	Home cost of sales				(6,731,834	)		(5,638,162	)
	Land cost of sales				(153,415	)		(123,306	)
	Selling, general & administrative expense				(820,951	)		(664,469	)
	Other income (expense), net				3,361			(22,968	)

	Pre-tax income			$	998,822		$	719,010

International Homebuilding:
	Home sales (settlements)			$	228,137		$	196,074
	Cost of sales				(183,271	)		(157,056	)
	Selling, general & administrative expense				(42,126	)		(35,029	)
	Other expense, net				(1,485	)		(1,610	)
	Minority Interest				(1,382	)		(1,801	)
	Equity in income of joint venture operations				3,466			4,479

	Pre-tax income			$	3,339		$	5,057

FINANCIAL SERVICES:
	Pre-tax income			$	68,846		$	66,723

CORPORATE:
	Pre-tax loss:
	Net interest expense			$	(39,364	)	$	(38,214	)
	Other Corporate expense, net				(35,987	)		(23,754	)

			Total Corporate	$	(75,351	)	$	(61,968	)

Certain 2002 classifications have been changed to conform with the 2003 presentation. Domestic Homebuilding interest expense, which represents the amortization of capitalized interest, of $78.7 million and $48.7 million for the year ended December 31, 2003 and 2002, respectively, has been reclassified to home cost of sales. The reclassifications had no impact on reported net earnings.


			Three Months Ended				Year Ended
			December 31,				December 31,

			2003		2002		2003		2002

HOMEBUILDING UNIT SETTLEMENTS:
	Domestic			11,159		9,528		32,693		28,903
	International			2,540		2,122		7,120		6,525

	Total Pulte settlement units			13,699		11,650		39,813		35,428

HOMEBUILDING SETTLEMENT REVENUES:
	Domestic		$	2,916,448	$	2,353,696	$	8,482,341	$	6,991,614
	International			75,504		71,900		228,137		196,074

	Total Pulte settlement revenues		$	2,991,952	$	2,425,596	$	8,710,478	$	7,187,688

Domestic Homebuilding Unit settlements:
		Northeast		1,087		927		2,692		2,440
		Southeast		2,621		2,585		8,234		8,271
		Midwest		1,631		1,511		4,936		4,458
		Central		2,024		1,734		5,283		4,588
		West		3,796		2,771		11,548		9,146

				11,159		9,528		32,693		28,903

	Average selling price		$	261	$	247	$	259	$	242

	Unit net new orders*:
		Northeast		687		604		3,098		2,738
		Southeast		1,994		1,831		9,021		8,651
		Midwest		1,077		987		4,736		4,684
		Central		1,231		824		5,125		4,590
		West		3,476		2,212		13,009		10,167

				8,465		6,458		34,989		30,830

	Unit backlog:
		Northeast						1,535		1,129
		Southeast						3,726		2,939
		Midwest						1,401		1,601
		Central						1,156		905
		West						6,134		4,031

								13,952		10,605

	Dollars in backlog						$	4,147,000	$	2,857,000

Unit net new orders for the year ended December 31, 2003 do not include 1,051 units of acquired backlog.


	Three Months Ended				Year Ended
	December 31,				December 31,

	2003		2002		2003		2002

Corporate interest expense	$	11,091	$	10,417	$	42,645	$	39,416
Homebuilding interest expense (included in home cost of sales)		27,999		15,553		78,708		48,697
Financial Services interest expense		1,963		2,049		7,386		6,753

Total interest expense	$	41,053	$	28,019	$	128,739	$	94,866

Depreciation & amortization	$	10,791	$	8,216	$	40,160	$	39,251


		Three Months Ended				Year Ended
		December 31,				December 31,

		2003		2002		2003		2002

MORTGAGE
	ORIGINATIONS:
	Origination volume		9,083		8,114		28,655		23,074

	Origination principal	$	1,621,100	$	1,349,700	$	4,989,500	$	3,771,000