Toll Brothers Set To Launch More Sales in Colorado
Benefiting from a positive forecast for new home interest, Toll Brothers, a luxury home builder, announced that sales will commence in the autumn at another master-planned community in Colorado.
Riano Ridge in Loveland offers a selection of townhouses and single-family residences, with prices starting from the $500,000s.
According to CoStar, Toll and other builders nationwide are benefiting from a constrained supply of existing houses for sale due in part to owners who are locked into historically low mortgage rates and unwilling to move. That’s raising demand for new houses, even with the persistently high mortgage rates.
Miami-based Lennar reported an increase in first-quarter sales, while M/I Homes of Columbus, Ohio, achieved first-quarter records in completions, revenue and income.
Toll raised its full-year revenue and earnings guidance after generating $2.65 billion in fiscal second-quarter sales, an increase from $2.49 billion in the same time last year.
Demand probably will remain strong, even if elevated mortgage rates fall and the supply of existing homes increases, CEO Douglas Yearley Jr. said during a May conference call with analysts. Yearley added that new homes have more modern features and fewer problems than existing homes.
The builder said it operated 386 communities at the end of the second quarter and remains on target to hit its year-end guidance of about 410 projects, which would be a 10% increase from fiscal year 2023.
