Horsham-based Toll Brothers has reached a record high in signed contracts for luxury homes during the last quarter, writes Ryan Sharrow for the Philadelphia Business Journal.
The homebuilder reported a 76 percent year-over-year increase in the number of contracts for June as well as a 31 percent bump for July. The strong demand has continued into August, according to Toll Brothers CEO Douglas C. Yearley Jr.
The company reported net signed contracts of 2,833 homes for the third quarter, an increase of 26 percent from the same period in the previous year. The signed contracts totaled $2.2 billion, up 18 percent from 2019.
“We believe we are well positioned to take advantage of the resurgent housing market, which is being fueled by historically low mortgage rates, a paradigm shift in the way people view and use their home, a favorable supply demand imbalance, and the positive long-term demographic and geographic trend,” said Yearley Jr.
Due to increased demand, the company has increased the prices in most of its communities.
“If this strength continues, we expect to keep raising prices,” he added.
Read more about Toll Brothers at the Philadelphia Business Journal by clicking here.
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