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Luxury home builder Toll Brothers lifted its guidance for the full year, as a resilient economy, favourable demographics and a general lack of housing supply also helped it to report forecast-beating quarterly results.

Toll said it expects earnings of $14 per diluted share for fiscal 2024, above its previous forecast for between $13.25 to $13.75 per share, and better than consensus estimates of $13.72.

The group also boosted its forecast for homes built, moving the top end of its projection to 10,800 units, from 10,500 in February.

New home sales rose to a six-month high in March, a sign that builders are responding to pent-up demand for homes.

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