Orders, a precursor to future sales, grew 12% to 6,822 homes. The cancellation rate came in at 24%, up from 19% the prior quarter. "We experienced some moderation in our net sales pace in the back half of the quarter after mortgage rates began to increase sharply," D.R. Horton CFO Bill Wheat said on the company's conference call with analysts. PulteGroup's orders fell 12% to 4,885 homes as its community count declined 16% from a year earlier as strong sales ate into inventory. Pulte, which plans to move its headquarters to Atlanta from the Detroit suburbs, missed analysts' profit estimates by 4 cents a share. Excluding 17 cents in charges, it earned 26 cents a share vs. analysts' average estimate of 30 cents as tallied by Thomson Reuters. It earned 11 cents in last year's same quarter. Pulte's homebuilding revenue climbed 19% to $1.2 billion as average selling prices rose 9% to $294,000.