(Read more on the multifamily market.)
HORSHAM, PA-Preliminary results for Toll Brothers Inc.'s fiscalfourth quarter portray a dismal housing picture that continues itsdownward spiral. The luxury homebuilder's revenues fell to $1.2million, down 36% from the same quarter a year ago.
Net signed contracts for the quarter totaled 656 homes, adecline of 35% in units, which represented sales of $365.2 million,a 48% drop in dollars. Among gross contracts signed in the fourthquarter, the average price per unit was $646,000, compared with$667,000 in the fiscal third quarter of 2007. Among contracts thatcarried through to sales, however, the average price fell to a muchlower $557,000 a unit.
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