1229 ET - CEO Douglas Yearley sees Toll Brothers's affluent customer base as an advantage as prospective homebuyers continue to face high prices and a challenging macro setup. Over 70% of the company's business serves empty-nesters or those moving up to higher-priced homes, who tend to be wealthier and have equity in their existing homes, he says during an earnings call. As a result, the company sees a low cancellation rate and high share of all-cash buyers, he says. "With many entry-level buyers struggling with affordability challenges, we are pleased to be serving an affluent consumer," he says. (kelly.cloonan@wsj.com)
(END) Dow Jones Newswires
May 21, 2025 12:29 ET (16:29 GMT)
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