The housing recovery — along with stark inventory shortages in some areas — is driving up the price of all real estate, including new homes.
Toll Brothers Inc (TOL) CEO Douglas Yearley Jr. told Bloomberg news that the nation's largest luxury homebuilder will be looking to raise its prices:
Buyers are purchasing properties “sight unseen” in New York and demand is strong on the coasts, Texas and in suburban Detroit, Yearley said today at The Year Ahead: 2014, a two-day conference in Chicago sponsored by Bloomberg LP.
“We have plenty of room,” to raise prices, Yearley said. “I think 2014 is going to be a great year.”
While Toll Brothers has seen their stock drop by 7.75 percent in the past six months, the value of the company's stock remains up 6.65 percent for the year. Shares were down slightly to $33.18 in early trading Thursday.
