Fort Washington luxury homebuilder, Toll Brothers, is scaling back its outlook for the year, citing affordability pressures, writes Dean Seal for the Wall Street Journal.
The company now projects 11,200 home deliveries in its fiscal year, which ends October 31. The average selling price of $950,000 – $960,000 is in line with its lower projection range.
Still, Toll Brothers posted a strong fiscal third quarter. Between May and July, the company delivered 2,959 homes at an average price of $974,000. CEO Douglas Yearley called it a record quarter.
Revenue rose 6% to $2.88 billion, topping analyst estimates of $2.84 billion.
Yearley acknowledged affordability remains a hurdle, but said their focus on the luxury market continues to attract wealthier buyers. For the current quarter, the company expects to deliver 3,350 homes, with average prices climbing to the $970,000- $980,000 range.
Read more about Toll Brothers’ projections for the year in The Wall Street Journal.
