Toll Brothers shares closed nearly 6% lower on Wednesday after the builder reported first-quarter earnings and sales that fell below analyst expectations.It wasn’t high housing costs or increased competition from more homes on the market that led to the miss,

Key Takeaways Toll Brothers shares slumped Wednesday after the homebuilder posted weaker-than-expected results and warned about demand in some markets.CEO Douglas Yearley, Jr. said that while demand for higher-priced homes has been solid,

Toll Brothers, Inc. reported lower-than-expected results for the first quarter in their earnings report, falling short of expectations--despite a rise in new contracts.