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The leading luxury homebuilder in the U.S. reported Monday that it built more homes and sold them at much higher prices in the fourth quarter, which reflects a recent trend of booming high-end home sales.
In a preliminary financial statement released Monday, Toll Brothers Inc. reported $1.35 billion in revenue in the fourth quarter ending Oct. 31 on sales of 1,807 units. That is a 29 percent increase in revenue, with a 22 percent increase in units sold.
The average price of a Toll Brothers home was up to $747,000 in the fourth quarter, $15,000 more than the third quarter, and $44,000 more than one year ago.
Toll Brothers’ western division was selling and building the most in the three months leading up to Oct. 31. The company sold 502 units in the west, with the next highest being the Mid-Atlantic division at 427 units.
The west was beating other regions for revenue, too, earning the company $424 million compared to the next highest in the Mid-Atlantic at $264.9 million.
The Toll Brothers earnings pair with regional and national reports of booming luxury home markets in the U.S.
RE/MAX recently reported that sales of homes for more than $1 million in Chicago were up 3 percent over 2013. The Denver Metro Association of Realtors reported that sales of homes upward of $1 million increased 4 percent compared to 2013. The Washington Post
reported last week that one of every eight homes sold in the District of Columbia over the last two years cost more than $1 million, on par with levels seen before the housing crash in 2007.
The National Association of Realtors (NAR)
reported recently that sales of homes costing $1 million or more were up 8 percent this year, while sales of homes at prices below that fell 4 percent.
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