Exhibit 99.1

FOR IMMEDIATE RELEASE

Company Contacts
Investors: James Zeumer
(248) 433-4597
email: jim.zeumer@pulte.com

Media: Mark Marymee
(248) 433-4648
email: mark.marymee@pulte.com

PULTE HOMES REPORTS RECORD SECOND QUARTER RESULTS

• Second Quarter Income from Continuing Operations Increases 54% to $188 Million

• Earnings from Continuing Operations Increase 48% to $1.45 Per Diluted Share

• Second Quarter Domestic Net New Orders Increase 17% to 10,776 Homes

• Backlog Climbs 31% to 19,960 Homes Valued at $6.3 Billion

• Company Raises Earnings Guidance for 2004 Continuing Operations to $7.80 to $8.00 Per Diluted Share

     Bloomfield Hills, MI, July 26, 2004 — Pulte Homes (NYSE: PHM) announced today record financial results for its second quarter and six months ended June 30, 2004. For the quarter, net income from continuing operations increased 54% to a record $187.7 million, compared with $122.0 million for the prior year second quarter. Second quarter earnings per diluted share from continuing operations of $1.45 represent an increase of 48% over prior year earnings of $0.98 per diluted share. Consolidated revenues for the quarter were $2.5 billion, an increase of 29% over prior year revenues of $2.0 billion.

     “Pulte Homes’ strong operating performance reflects our continued focus on the key areas of growth through segmentation, operational excellence, people development and financial discipline,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “We continued to expand market share, while raising prices in a number of markets across the country. Through higher prices and more efficient building practices, we offset the impact of higher raw material costs and have, in fact, been able to significantly increase margins.”

     “Given our record backlog totaling almost 20,000 homes and our expectations for continued margin expansion, the Company is again raising its earnings guidance for 2004 continuing operations to the new range of $7.80 to $8.00 per diluted share. This new guidance represents an increase in net income from continuing operations of approximately 70% over last year’s results,” said Dugas.

Second Quarter Results

     Revenues from domestic homebuilding settlements increased 30% to a second-quarter record of $2.4 billion. Higher revenues for the quarter resulted from a 9% increase in average selling price to $282,000, combined with a 19% increase in home closings to 8,480 homes. The increase in average selling price reflects a combination of price increases and a favorable change in the mix of product closed during the period.

     Second quarter domestic homebuilding pretax income increased 61% to $318.1 million, compared with prior year pretax income of $197.6 million. For the period, the Company realized a 130 basis point increase in gross margins from home sales to 22.1%, while SG&A expenses as a percent of home settlement revenues dropped by 100 basis points over the same period last year.

     Land sales during the quarter generated $55.7 million in revenues and $13.6 million in gross margins, compared with $31.3 million and $9.1 million, respectively, last year. Land sales are an important element of Pulte’s domestic homebuilding operations, but can fluctuate from quarter-to-quarter depending upon the timing of individual transactions.

     Domestic net new home orders for the quarter were a record 10,776, up 17% over prior year second-quarter orders of 9,191 homes. Pulte’s backlog as of June 30, 2004, was valued at $6.3 billion (19,960 homes), compared with a value of $4.2 billion (15,199 homes) last year.

     The Company’s financial services operations reported second quarter pretax income of $8.4 million, down from prior year pretax income of $20.9 million. Loan originations for the second quarter increased 17% to 7,957 mortgages valued at $1.5 billion, but a less favorable interest rate environment, a product mix shift and higher overhead costs in support of better customer service worked to lower pretax income. Mortgage capture rates for the quarter increased to 88.4%, compared with 83.2% last year.

     For the second quarter, Pulte’s International operations reported pretax income of $0.1 million, compared with a pretax income of $0.4 million for the second quarter last year. Improved performance in the Company’s Mexico and Puerto Rico operations was offset by reduced closings in Argentina. Pulte continues to evaluate different strategic alternatives with regard to its International operations as part of a broader initiative to drive enhanced financial results.

Six Month Results

     For the six months ended June 30, 2004, Pulte Homes’ net income from continuing operations increased 53% to $319.5 million, compared with prior year net income from continuing operations of $208.3 million. Earnings from continuing operations for the first six months were $2.48 per diluted share, an increase of 49% over prior year earnings per diluted share of $1.67. Consolidated revenues for the period were $4.6 billion, up from $3.5 billion for the first six months of last year.

     Revenues from domestic homebuilding settlements for the period were $4.3 billion, up 32% over the prior year. Higher revenues for the period resulted from a 9% increase in average selling price to $279,000, combined with a 20% increase in the number of homes closed. 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.

     Six month domestic homebuilding pretax income increased 61% to $540.6 million, compared with prior year pretax income of $336.1 million. Pretax margins as a percentage of home settlement revenues for the period increased by 230 basis points, driven by a 150 basis point increase in gross margins from home sales and a 90 basis point reduction in SG&A expense as a percent of home settlement revenues. Land sales for the period generated $17.2 million in gross margin, compared with $18.0 million last year.

     For the first six months, Pulte’s financial services operations reported pretax income of $18.5 million, compared with $38.0 million in the prior year. Loan originations for the six-month period increased 18% to 14,070 mortgages valued at $2.6 billion, but a less favorable interest rate environment and higher overhead costs in support of better customer service worked to lower pretax income. Mortgage capture rates for the period increased to 87.4%, compared with 82.0% last year.

     Pulte’s International operations reported pretax income for the first six months of $0.4 million, compared with a pretax loss of $0.6 million last year. Gains in the Company’s Mexico and Puerto Rico operations were offset by weaker results in Argentina.

     “A house cannot be moved, so by definition, demand is very local in nature and will vary considerably by market and buyer segment,” said Dugas. “Pulte is the country’s most diversified builder in terms of markets and customer segments served. This diversity offers critical advantages for driving growth, while also supporting more consistent operating and financial performance. Our record six-month results reflect the benefits of this diversity as we increased sign ups and revenues, while realizing better operating performance.”

     A conference call discussing Pulte Homes’ second quarter results will be held at 8:30 a.m. Eastern Time on Tuesday, July 27, 2004, 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.

About Pulte Homes

     Pulte Homes, Inc., (www.pulte.com) based in Bloomfield Hills, Michigan, has operations in 44 markets across the U.S. Under its Del Webb (www.delwebb.com) brand, the Company is 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. In 2003, J.D. Power and Associates ranked Pulte Homes No. 1 in customer satisfaction in 12 U.S. markets, and among the top three home-builders in 17 of 21 total markets surveyed. 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.

/Web site: http://www.pulte.com

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2004			2003			2004			2003
CONSOLIDATED RESULTS:
Revenues:
Homebuilding	$	2,494,484		$	1,925,711		$	4,507,763		$	3,449,150
Financial Services		23,874			31,774			48,446			59,370
Corporate		562			700			1,459			2,255
Total Revenues	$	2,518,920		$	1,958,185		$	4,557,668		$	3,510,775
Pretax income (loss):
Homebuilding	$	318,231		$	198,021		$	540,994		$	335,433
Financial Services		8,369			20,858			18,458			37,974
Corporate		(23,868	)		(22,046	)		(44,096	)		(37,415	)
Income from continuing
operations before
income taxes		302,732			196,833			515,356			335,992
Income taxes		(115,023	)		(74,833	)		(195,810	)		(127,691	)
Income from continuing
operations		187,709			122,000			319,546			208,301
Loss from discontinued
operations		(106	)		(283	)		(314	)		(447	)
Net income	$	187,603		$	121,717		$	319,232		$	207,854
EARNINGS PER SHARE —
ASSUMING DILUTION:
Income from continuing
operations	$	1.45		$	0.98		$	2.48		$	1.67
Loss from discontinued
operations		—			—			—			—
Net income	$	1.45		$	0.97		$	2.48		$	1.67
Shares used in per
share calculations		129,356			124,944			128,825			124,552

All share and per share amounts have been restated to retroactively reflect the stock split effected January 2, 2004.

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

	June 30, 2004 (Unaudited)		December 31, 2003		June 30, 2003 (Unaudited)
ASSETS
Cash and equivalents	$	90,318	$	404,092	$	391,087
Unfunded settlements		80,786		122,300		71,270
House and land inventories		6,800,556		5,528,410		5,018,263
Land, not owned, under
option agreements		124,618		73,256		60,000
Residential mortgage loans
available-for-sale		335,480		541,126		431,735
Goodwill		307,693		307,693		307,693
Intangible assets		139,579		143,704		147,829
Other assets		1,065,658		942,771		889,527
	$	8,944,688	$	8,063,352	$	7,317,404
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable, accrued
and other liabilities	$	2,033,032	$	1,905,579	$	1,625,430
Unsecured short-term
borrowings		127,000		—		—
Collateralized short-term
debt, recourse solely to
applicable subsidiary
assets		290,219		479,287		381,355
Income taxes		109,163		79,391		56,584
Senior notes and
subordinated debentures		2,573,925		2,150,972		2,269,955
Total Liabilities		5,133,339		4,615,229		4,333,324
Shareholders’ Equity		3,811,349		3,448,123		2,984,080
	$	8,944,688	$	8,063,352	$	7,317,404

Pulte Homes, Inc.
Segment Data
($000’s omitted)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2004			2003			2004			2003
HOMEBUILDING:
Pretax income:
Domestic	$	318,082		$	197,641		$	540,607		$	336,079
International		149			380			387			(646	)
Total Homebuilding	$	318,231		$	198,021		$	540,994		$	335,433
Domestic Homebuilding:
Home sales (settlements)	$	2,394,778		$	1,845,461		$	4,337,319		$	3,292,659
Land sales		55,695			31,316			78,836			64,225
Domestic
Homebuilding
Revenue		2,450,473			1,876,777			4,416,155			3,356,884
Home cost of sales		(1,865,771	)		(1,461,111	)		(3,382,095	)		(2,616,336	)
Land cost of sales		(42,068	)		(22,175	)		(61,680	)		(46,235	)
Selling, general
& administrative
expense		(223,651	)		(189,861	)		(429,252	)		(356,961	)
Other income (expense), net		(901	)		(5,989	)		(2,521	)		(1,273	)
Pretax income	$	318,082		$	197,641		$	540,607		$	336,079
International
Homebuilding:
Home sales (settlements)	$	44,011		$	48,934		$	91,608		$	92,266
Cost of sales		(35,465	)		(38,297	)		(74,095	)		(73,981	)
Selling, general
& administrative
expense		(8,838	)		(10,127	)		(17,191	)		(20,590	)
Other income (expense), net		(804	)		(702	)		(1,602	)		(1,093	)
Minority Interest		(264	)		(154	)		(661	)		981
Equity in income of joint venture operations		1,509			726			2,328			1,771
Pretax income	$	149		$	380		$	387		$	(646	)
FINANCIAL SERVICES:
Pretax income	$	8,369		$	20,858		$	18,458		$	37,974
CORPORATE:
Pretax loss:
Net interest expense	$	(12,111	)	$	(9,464	)	$	(23,746	)	$	(18,480	)
Other Corporate
expense, net		(11,757	)		(12,582	)		(20,350	)		(18,935	)
Total Corporate	$	(23,868	)	$	(22,046	)	$	(44,096	)	$	(37,415	)

Pulte Homes, Inc.
Business Operating Data
($000’s omitted)
(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2004		2003		2004		2003
HOMEBUILDING SETTLEMENT
REVENUES:
Domestic	$	2,394,778	$	1,845,461	$	4,337,319	$	3,292,659
International		44,011		48,934		91,608		92,266
Total settlement
revenues	$	2,438,789	$	1,894,395	$	4,428,927	$	3,384,925
HOMEBUILDING UNIT
SETTLEMENTS:
Domestic		8,480		7,112		15,519		12,897
International		1,557		1,468		3,158		2,659
Total settlement
units		10,037		8,580		18,677		15,556
Domestic Homebuilding:
Unit settlements:
Northeast		695		553		1,214		979
Southeast		2,058		1,759		3,763		3,508
Midwest		1,163		1,041		1,936		1,883
Central		1,214		1,133		2,188		1,867
West		3,350		2,626		6,418		4,660
		8,480		7,112		15,519		12,897
Average selling price	$	282	$	259	$	279	$	255
Unit net new orders*:
Northeast		856		909		1,570		1,645
Southeast		2,426		2,441		5,195		4,704
Midwest		1,449		1,422		2,936		2,540
Central		1,605		1,317		3,181		2,502
West		4,440		3,102		8,645		6,033
		10,776		9,191		21,527		17,424
Unit net new
orders — dollars*	$	3,303,000	$	2,466,000	$	6,456,000	$	4,620,000
Unit backlog:
Northeast						1,891		1,795
Southeast						5,158		4,135
Midwest						2,401		2,258
Central						2,149		1,540
West						8,361		5,471
						19,960		15,199
Dollars in backlog					$	6,266,000	$	4,244,000

* Unit net new orders for the three and six months ended June 30, 2003 do not include 67 units of backlog acquired and the related dollars.

Pulte Homes, Inc.
Business Operating Data, continued
($000’s omitted)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2004			2003			2004			2003
MORTGAGE ORIGINATIONS:
Origination volume		7,957			6,776			14,070			11,938
Origination principal	$	1,495,800		$	1,161,000		$	2,648,500		$	2,028,200
Capture rate percentage		88.4	%		83.2	%		87.4	%		82.0	%

Pulte Homes, Inc.
Supplemental Information
($000’s omitted)
(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2004		2003		2004		2003
Interest expense:
Homebuilding (included in home cost of sales)	$	29,508	$	17,103	$	51,120	$	28,512
Corporate		12,673		10,164		25,205		20,735
Financial Services		1,477		1,727		2,975		3,404
Total interest expense	$	43,658	$	28,994	$	79,300	$	52,651
Depreciation & amortization	$	11,866	$	10,711	$	22,026	$	19,042