(Reuters) – PulteGroup Inc topped analysts’ estimates for quarterly profit and new orders on Tuesday, as home demand was spurred by lower mortgage rates and easing home prices, after the Federal Reserve suspended its campaign of monetary tightening.

FILE PHOTO: A new home sub-division built by Pulte Homes is seen in Novi, Michigan April 8, 2009. REUTERS/Rebecca Cook

Shares of the company rose 3.6 percent after announcing the first-quarter results, with quarterly orders of 6,463 units beating average analysts’ estimates of 6,257 units.

Chief Executive Officer Ryan Marshall said that homebuyers have been steadily returning to the market after a period of slowing demand that began in the second half of 2018.

“We view the significant increase in consumer traffic into our communities as an