Margo D. Beller
There are “encouraging” signs the high-end housing market is recovering in many U.S. markets, Toll Brothers CEO Douglas Yearley told CNBC Tuesday.
It’s been the “best spring in five years,” he said. In 2012 “our orders are up significantly and continue to be up significantly. I’m optimistic right now.”
The average price of a Toll home is $575,000.
Yearley spoke the same day homebuilder Lennar reported first-quarter earnings that beat expectations, a sign to some analysts that the housing market is recovering.
The Toll Brothers CEO said that’s true for some markets but not for others. He said that “25 percent of our communities have seen a price increase since Jan 1. That’s encouraging. There are places where we don’t have pricing power (but) we’re not dropping prices. We haven’t dropped prices in over a year.”
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