Toll Brothers' Record Quarterly Performance
The luxury home builder exceeded previous expert predictions for the quarter. The average price of its homes grew more than seven percent year-over-year.
On the stock market, the company's shares increased more than 11 percent, but is down 20 percent annually. Toll Brothers executive chairman Robert Toll said in a statement that the company anticipates more growth for the new home market in the coming years, citing trade-up, empty nester, and Millennial buyer groups, CNN reports.
Rival builder Lennar also reported healthy quarterly results in late June. Retail giant Home Depot just posted strong numbers last week as well, another sign that people continue to spend on their houses. Home Depot rival Lowe's will report results Wednesday and analysts are expecting a nearly 30 percent jump in earnings.