Toll Brothers hits limits of luxury home prices

Toll BrosBy Kris Hudson | The Wall Street Journal

Luxury homebuilder Toll Brothers Inc. TOL -0.71% caters to affluent customers who typically aren’t deterred by price increases. But even the wealthy have their limits.

Toll, whose financial results are closely watched by housing observers as a gauge of the high-end market, on Tuesday reported a 10% decline in sales contracts in recent weeks, which analysts and even the company partly attributed to sticker-shock on the part of consumers. Over the past year, Toll has pushed up its average selling price 21% to $703,000.

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