July 2012 was the fifth straight month of year-over-year increases in the average price of homes sold. Foreclosures are down and first-time buyers are up. All of these stats indicate that the housing market isn’t as terribly shitting as it was a year (or two) ago. Locally based Toll Brothers is proof.
Toll Brothers, the McMansion specialist that soared in the bubble and was laid low by the crash, reported its earnings for the most recent quarter. And it was an across-the-board success. Compared with the prior year’s quarter, revenues were up 41 percent and the number of units it delivered rose 39 percent to 963. The average price of a home it delivered was up 3.4 percent from the year before.
The Toll Brothers CEO, Douglas Yearly, isn’t exactly upset with the developments. He says they’re in the midst of their best sustained demand of the past half decade. [Daily Beast]