As the rate of home sales in the region climbs slowly, the locally headquartered builder Toll Brothers is seeing a strong uptick in housing purchases nationwide.
Toll Brothers, based in Horsham, Pennsylvania, said its sales contracts have increased in the past quarter by 12 percent compared with sales a year ago.
Homebuyers are spending 30 percent more, opting for larger houses or adding fancier options, said Frederick Cooper, senior vice president.
“The job picture is better, and that’s good for housing,” he said. “And mortgage rates are still low, so we think there’s a lot of pent-up demand in the market, and people are starting to come out and buy new homes.”
Cooper said the increase is part of a trend.
“This was the fourth consecutive quarter where the value of homes and the number of contracts signed was up,” he said.
The Philadelphia region has remained stable, according to Cooper. It didn’t take a major hit when the Great Recession struck, he said. And it’s not making a big jump now that things are improving.