A number of the large home construction companies reported March quarter results last week.

Beazer Homes beat earnings estimates by 34.5% on revenue that beat by 4.1%.

D.R. Horton posted a sales surprise of 21.6% and its earnings surprise was doubly as strong at 43.7%.

PulteGroup’s earnings surprise was also a spectacular 32.0%, especially since it came on top of a revenue surprise of over 9%.

Not to be outdone, M/I Homes posted a revenue surprise of 27.0% that generated an earnings surprise of 54.2%.

NVR’s revenue missed by 9.7% although its earnings still surprised by 3.6%.

Obviously, something is going on here. And it isn’t just that estimates have come down a lot. Most of these companies have posted solid results in a market where the interest rate is still pretty high (although stabilizing) and affordability remains low.