Toll Brothers, the largest U.S. luxury home builder, said quarterly profit more than doubled as it sold more homes at higher prices.
The company, whose homes can cost more than $2 million, has been able to perform better over the past few quarters than most large U.S. home builders as its buyers were less affected by a recent rise in mortgage rates.
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Toll Brothers said its average selling price rose about 22 percent to $706,000 in the second quarter ended April 30.
The company received orders for 1,749 homes in the quarter, nearly unchanged from the second quarter last year.
"We are in a leveling period in the early stages of the housing recovery with significant pent-up demand building," Chief Executive Douglas Yearley said in a statement on Wednesday.
The company's net income rose to $65.2 million, or 35 cents per share, in the quarter from $24.7 million, or 14 cents per share, a year earlier.
Revenue jumped 67 percent to $860.4 million in the period -well into the spring selling season, which is to homebuilders what the holiday shopping season is to retailers.
Toll's shares closed at $35.64 on the New York Stock Exchange on Tuesday. They have dropped about 2 percent in the past year, compared with an about 7 percent drop in the Dow Jones U.S. Home Construction index.