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Real Estate Market - Toll Brothers Inc.'s stock jumped Wednesday after the luxury homebuilder posted its first annual increase in signed contracts in four years.
New home contracts rose 3 percent from the third fiscal quarter last year, and the number was up a surprising 44 percent from the second fiscal quarter this year. Toll said demand was so robust the company has been able to scale back the incentives it offered to get buyers in the door.
Toll sold 792 homes, generating $461.3 million in revenue for the three months ended July 31. Revenue was down 42 percent from the same period last year because home prices have declined and Toll has fewer communities around the country.
"Although some of our markets are still stuck in the mud, many are improving," Robert Toll, the company's chairman and CEO, said in a statement.
He also noted that buyers are increasingly confident. Only 9 percent of buyers backed out -- the lowest cancellation rate in three years.
Investors bid Toll Brothers' shares up $2.35, or 11 percent, to $22.83 in morning trading.
Toll's results are an added confirmation that a broad but slow recovery of the housing market is under way. Other major builders -- including D.R. Horton Inc., Pulte Homes Inc. and Centex Corp. -- all recently reported better earnings for the first half of the year.
Still, Toll expects to write down the value of its communities, land and joint ventures by $90 million to $160 million in the third quarter.
Toll Brothers will release final quarterly results on Aug. 27, and analysts surveyed by Thomson Reuters expect a loss of 32 cents a share on revenue of $377.1 million. And despite the upbeat report, the company said there remain too many uncertainties in the market to offer earnings guidance. First Time Homebuyer are Internet Users
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