Investors have been facing an uphill battle with equity markets as fears of an impending recession linger. However, the housing market — which suffered the most during the 2008 financial crisis — is unaffected and on its way to recovery, Toll Brothers' CEO, Douglas Yearley, told CNBC on Tuesday.
Still, market watchers remain concerned that there may be slowing growth in the luxury market. While Yearley acknowledged those concerns, he said on "Closing Bell" that the company's business is good.
The largest U.S. luxury homebuilder on Tuesday reported an 8.8 percent rise in fiscal first-quarter revenue as it sold homes at higher prices.
The company's revenue climbed to $928.6 million in the three months ended Jan. 31, from $853.5 million a year earlier. The company's net income, however, fell to $73.2 million from $81.3 million.