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Toll's Revenues Plunge 36% as Mix Shifts

HORSHAM, PA-In a slump 'worse' than 1989-91, cancellations of high-priced homes mount and sales tilt toward Toll Brothers' multifamily projects.

By Marita Thomas | Updated on November 09, 2007

(Read more on the multifamily market.)

HORSHAM, PA-Preliminary results for Toll Brothers Inc.’s fiscal fourth quarter portray a dismal housing picture that continues its downward spiral. The luxury homebuilder’s revenues fell to $1.2 million, down 36% from the same quarter a year ago.

Net signed contracts for the quarter totaled 656 homes, a decline of 35% in units, which represented sales of $365.2 million, a 48% drop in dollars. Among gross contracts signed in the fourth quarter, the average price per unit was $646,000, compared with $667,000 in the fiscal third quarter of 2007. Among contracts that carried through to sales, however, the average price fell to a much lower $557,000 a unit.

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