Toll Bros. reports $50 million profit, despite sharp decline in contracts

Luxury home builder Toll Brothers said its new contracts fell 27 percent in its most recent quarter compared to a year ago, The New York Times reported. The company reported a $50.5 million profit, but noted that demand remained erratic. However, customer traffic and deposits on new contracts did increase last month.

“Even though the unemployment rate among our buyers is about half that of the national average, many of our clients remain on the sidelines waiting for clearer signs that the economy is on the road to recovery,” said Douglas C. Yearley Jr., Toll Brothers’ chief executive.