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Homebuilder stocks surged Monday amid a stronger than expected Q4 sales report from Toll Brothers Inc. (NYSE: TOL).
According to the company’s press release, preliminary FY 2014's fourth-quarter total revenues came in at $1.35 billion, higher than the $1.31 billion that was estimated.
Sales of 1,807 units increased 29 percent in dollars and 22 percent in units, compared to FY 2013's fourth-quarter results of $1.04 billion and 1,485 units.
The average price of homes delivered was $747,000, compared to $732,000 in FY 2014's third quarter and $703,000 in FY 2013's fourth quarter.
Toll Brothers Inc shares surged to $33.13 Monday, up 2.82 percent.
Hovnanian Enterprises, Inc. (NYSE: HOV) received a boost from the Toll Brothers announcement, trading at $3.93 Monday afternoon, up 4.24 percent.
PulteGroup, Inc. (NYSE: PHM) also traded higher, surging 1.80 percent to $20.32.
The stronger sales may indicate that the “Hope Trade” predicted by analysts is coming to fruition.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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