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Higher home prices boost Toll Brothers' revenue
(Reuters) - Toll Brothers Inc, the largest U.S. luxury homebuilder, reported a 24 percent rise in quarterly revenue, as customers bought homes at higher prices, undeterred by rising mortgage rates. Toll typically targets affluent customers with spotless credit records and, so, has not been hit as much as some of its peers have been by higher interest rates, which hit a two-year high in July. Order growth at Toll slowed to 26 percent in the third quarter ended July 31 from 36 percent in the second and 49 percent in the first quarter.
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