UPDATE 1-Toll Brothers lifts revenue forecast as home sales, prices rise

(Adds details on home sales, prices, forecast, compares profit with estimates and adds share price)

Aug 21 (Reuters) - U.S. luxury homebuilder Toll Brothers Inc on Tuesday topped Wall Street estimates for quarterly profit and raised its yearly revenue forecast, as stronger housing demand helped it sell more homes at higher prices.

Toll shares rose 8 percent in premarket trading following the news.

The company now expects full-year revenue of between $6.76 billion and $7.22 billion, compared with an earlier range of between $6.64 billion and $7.31 billion.

The average price of a Toll Brothers home rose to $851,900 in the third quarter ended July 31, from $791,400 a year earlier.

Pennsylvania-based Toll booked orders for 2,316 homes in the quarter, up 7.1 percent year-over-year, while selling 2,246 homes, 347 more than a year earlier.

Net income rose to $193.3 million or $1.26 per share from $148.6 million or 87 cents per share a year earlier.

Revenue jumped 27.3 percent to $1.91 billion.

Analysts on average had expected earnings of $1.03 per share and revenue of $1.81 billion, according to Thomson Reuters I/B/E/S. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Sai Sachin Ravikumar)