Toll Brothers Jumps as Luxury Home Orders Surge 42%

Nov. 11 (Bloomberg) -- Toll Brothers Inc., the largest U.S. luxury homebuilder, gained the most since 1992 after orders surged 42 percent in the fiscal fourth quarter, cancellations slowed and revenue beat analysts’ estimates. “The improvement in consumer confidence over the past year, the increasing stabilization of home prices, the decline in unsold home inventories and the reduction in buyer cancellation rates suggest that the new home market should be improving,” Chairman and Chief Executive Officer Robert Toll said in a conference call. “We sense that it is, though slowly.” The builder focused on reducing unsold inventory and increasing cash to weather the housing recession. The median price for a new U.S. home was $204,800 in September after declining from a record high of $262,600 in March 2007, according to the Census Bureau.

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