Toll Brothers, the largest luxury homebuilder in the United States, reported a higher quarterly profit and said new orders rose sharply, indicating that the U.S. housing market is well on its way to recovery.
Following the report, the company's stock rose 4 percent in trading in pre-market trading. (Click here to get the latest quotes for Toll Brothers.)
The U.S. housing recovery has gained traction this year with prices for single-family homes having risen since February. Economists expect home construction to add to U.S. economic growth this year for the first time since 2005.