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The fall in average price was on the new mix as you said, but good reason as any to take profits. The backlog is back up to the higher average price
In the conference call when speaking about a dip in margin in 3Q17, $TOL said there were numerous cost increases including land, labor and materials; but these were offset with improved pricing. However, certain warehouses being pushed forward 60-90 days impacted the numbers during the quarter.
$TOL also said traffic has been up modestly, while web traffic has been up more dramatically in the range of 30% in 3Q17.
The company added that in the California market, traffic numbers have been “crazy high.”
TOLL has that affordable luxury category category well covered stock markets near record highs auger well for them.
$TOL would be an easy sell into the earnings
with recent housing starts report showing multi family starts stalled
and the chart showing technical hump for Toll Brothers …
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