Toll Bros outlook shows luxury sector hit hardest in housing's new chill
December 04, 2018 at 12:01 PM EST
The heat in housing demand is cooling across the nation and across most price points, but luxury is really feeling the chill. Luxury homebuilder Toll Bros. reported weaker demand, especially in California, where home prices are highest. Its CEO blamed both higher mortgage rates and weaker consumer confidence, due to widespread reports of housing weakness.