Toll Brothers CEO Douglas Yearley told CNBC this week 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.
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.