Toll Brothers rises to 5-year high after profit beats estimates

Luxury home builder signals new home market recovery

 U.S. housing construction permits in July rose to an annual pace of 812,000, the most since 2008, the Commerce Department reported Aug. 16. Orders for 13 publicly traded homebuilders increased to 29,362 in the second quarter, up 17 percent from a year earlier, according to data compiled by Bloomberg Industries.

 National Sales

The National Association of Realtors is expected to report today that sales of previously owned homes rose to an annual pace of 4.51 million in July, the median of 73 estimates in a Bloomberg survey, from 4.37 million in June.

The Commerce Department releases July new-home sales data tomorrow. Sales are expected to rise to an annual pace of 365,000, the median of 72 estimates in a Bloomberg survey, from 350,000 in June.

Toll released its results before the start of regular U.S. trading. It fell 0.5 percent to $31.81 in New York yesterday. The shares are up 56 percent this year, giving the company a market value of $5.3 billion.

 (Toll Brothers will hold a conference call at 2 p.m. New York time. See TOL US <Equity> EVT <GO>.)

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