Toll Brothers CEO Douglas Yearley told CNBC on Tuesday the company was having its “best spring in five years,” just one sign the high-end housing market is starting to recover, according to Calculated Risk. The finance and economics blog reports that other builders are also seeing strong year-over-year increases in new home sales, which should be reflected in subsequent Census Bureau reports.
Yearley indicated that 25 percent of Toll Brothers’ communities nationwide have had prices increase since Jan. 1; New York has performed the best, where the CEO said prices are being raised every week. Other booming markets include Texas, California, Florida, and the Carolinas.
This explosive growth in the new year has even occurred in hard-hit areas. Yearley estimates, for example, that a month ago, Phoenix had a 14- or 15-month supply of homes; at present, the CEO said that number is closer to four or five months.
Some markets do, however, continue to underperform, including the Midwest and parts of Nevada.
Lennar and Hovanian Enterprises are both reporting significant year-over-year sales increases as well; Lennar is up 33 percent to date and Hovanian is up 30 percent.
To read the rest of the Calculated Risk story, click here.
Advertisement
Related Stories
Business Management
How to Create a More Inclusive Workplace for Women in Construction
Consider these tips and techniques to attract and retain more women in your home building company and reap the benefits of a more diverse workforce
Business Management
AI in Home Building ... What Now? What Next?
Artificial intelligence is coming to home building. How can builders use AI in new-home construction? Start with this primer
Business Management
Ways to Improve Home Building Productivity, Part 2: Automation
Home builders can maximize efficiencies gained through simplification and standardization by automating both on-site and back-office operations
