After reporting a greater number of net signed contracts for the third quarter, Toll Brothers said the markets are improving and buyers appear to have more confidence.
From Nick Zieminski, Reuters:
NEW YORK (Reuters) - Luxury home builder Toll Brothers Inc (TOL.N) said on Wednesday that quarterly net signed contracts had increased for the first time in four years as home buyers appeared more confident and less concerned about prices, sending its shares up more than 11 percent.
Toll said preliminary results for the third quarter ended July 31 showed a 42 percent drop in homebuilding revenue to $461.3 million.
Net signed contracts rose 3 percent to 837 units, although their dollar value declined. The company said this was the first time in 16 quarters that net signed contracts had exceeded year-earlier figures.
