HORSHAM, PA -- Toll Brothers, Inc., the nation's leading builder of luxury homes, earned $46.6 million in the third quarter ended July 31, 2013, compared to $61.6 million in FY 2012's third quarter.
The average price of homes delivered was $651,000, compared to $577,000 in FY 2013's second quarter and $576,000 in FY 2012's third quarter. Excluding 16 deliveries at the Touraine, a luxury Upper East Side Manhattan high-rise building, the average price of homes delivered in FY 2013's third quarter was $612,000.
Douglas C. Yearley, chief executive officer, stated: "Sales volumes and pricing power both increased this quarter from one year ago, a pattern consistent with recent quarters. We believe the recovery is real and we are in the early stages of the rebound. Our average sales contracts per community are about where they were in 1997-1998, several years into the previous cyclical recovery. From there, over the next seven years, through August 2005, a period when mortgage rates averaged between 5.8% and 8.1%, sales contracts per community continued to increase, eventually peaking at twice that pace.
"We remain focused on growing our company. This quarter our land position grew to 47,200 lots from 45,200 last quarter and 39,200 one year ago. We expect our community count -- 225 at third quarter-end -- to remain stable through the end of FY 2013 and to grow by 10% to 15% by FYE 2014."
In FY 2013's third quarter, the Company's net signed contracts totaled $992.6 million and 1,405 units, an increase of 47% in dollars and 26% in units compared to FY 2012's third-quarter net signed contracts of $674.4 million and 1,119 units. The average price per unit of net contracts signed in FY 2013's third quarter was $706,000, compared to $678,000 in FY 2013's second quarter and $603,000 in FY 2012's third quarter.
The Company's FY 2013 nine-month net signed contracts of $2.80 billion and 4,131 units increased 49% in dollars and 35% units, compared to net signed contracts of $1.87 billion and 3,061 units in FY 2012's nine-month period.