Pursuits
Toll Says Quarterly Orders Rose 18% While Deliveries Slipped
- February contracts flat because of market turmoil, CEO says
- Builder is `optimistic' for spring sales, with traffic up 13%
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Toll Brothers Inc., the largest U.S. luxury-home builder, reported an 18 percent increase in orders for its fiscal first quarter, while labor shortages led to fewer completed sales.
Contracts were signed for 1,250 homes in the three months through January, up from 1,063 a year earlier, Toll said in a statement Tuesday. The value of those contracts rose 24 percent to $1.09 billion. The Horsham, Pennsylvania-based builder delivered 1,063 homes in the quarter, down 3 percent from a year earlier. The average selling price climbed almost 12 percent to $873,500.