U.S. homebuilders began work at a slower pace in January, though the level was still the third-highest since 2008. The pace of building was viewed as a sign of further strengthening in residential real estate.
U.S. builders started work on homes in December at the fastest pace since the summer of 2008 and finished 2012 as their best year for residential construction since the early stages of the housing crisis.
Confidence among U.S. homebuilders remains at its highest level in six years, reflecting improved optimism over the strengthening housing market this year and a pickup in visits by prospective buyers to builders' communities.
Toll Brothers' net income rose 46 percent in the third quarter as it delivered more homes at higher prices. It also had lower write-downs during the period.