(Reuters) - Luxury homebuilder Toll Brothers Inc said on Wednesday it expected to report a 51 percent decline in home-building revenue for the first quarter.
For the quarter ended January 31, the company said it signed 423 gross contracts, a decline of 53 percent from the year-ago period.
Preliminary results showed home-building revenue was about $409.3 million for the period, the company said, adding that it had 157 cancellations, totaling about $115 million.
The average price per unit of gross contracts was $575,000, compared to $583,000 in the year-earlier quarter.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Deepak Kannan)