Analyst Note
| Brian Bernard, CFA, CPA |2020 turned out to be a decent year for Toll Brothers despite the pandemic. The homebuilder benefited from a sharp rebound in housing demand and increased buying from affluent households, which is its target market. Seasonally adjusted annual housing starts reached over 1.5 million units in October, and we estimate that affluent households accounted for over half of the incremental national home purchases last quarter.