Despite declining home prices reported Tuesday, Toll Brothers CEO Douglas Yearly sounded optimistic on what’s ahead for the nation’s largest luxury home builder.
“We feel about the best we have in five years,” he said on “ Fast Money .” “We’re really seeing improvement everywhere.”
Home prices fell in 18 of 20 cities for the fourth consecutive month in December, according to the latest Case-Schiller report. The S&P Case/Shiller Home Price Index slid 3.8 percent, ending 2011 at the lowest levels since mid-2006.
Last week, Toll Brothers posted a first-quarter loss on a slight decline in home deliveries and a higher cancellation rate.
But Yearly said that orders were up 43 percent in the first three weeks of February.
“I think right now what’s going on is people are sick and tired of waiting. They’ve been waiting five years to get on with their lives. They’re taking advantage of interest rates that are down below 4 percent,” he said. “Affordability’s never been higher, and I just think they’re feeling better about the economy in general and they’re out in the market.”Page 1 of 3 | Next Page