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Toll Brothers' quarterly revenue up 31% on higher home sales

Sales up more than expected in April, suggesting housing market recovery is gaining traction

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In the quarter ended April 30, Toll Brothers sold 1,304 homes at an average price of US$855,500. Sales in California soared 80 per cent to 216.

New York

TOLL Brothers Inc's quarterly revenue jumped nearly 31 per cent, beating analysts' estimates, as the company sold more luxury homes at higher prices, mainly in California.

Shares of Toll Brothers, which mostly builds single-family homes that could cost more than US$2