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Luxury home sales could see long winter chill

Diana Olick

Toll's CEO blames the slowdown squarely on higher mortgage interest rates and on the fact that negative housing numbers were being widely reported. High-end homebuilder Toll Brothers TOL reported a sharp 13 percent annual drop in the number of signed contracts for homes in its fiscal fourth quarter. Toll's average sale price in the quarter was $906,000 compared with the national average price of $294,200 in October, according to the National Association of Realtors.

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