Toll Brothers' home orders plunged 13% year-over-year in the fourth quarter, the first drop since 2014.
The drop was due to a housing slowdown amid rising interest rates, and driven by a huge falloff in California demand, said CEO Douglas C. Yearley, Jr.
The company's quarterly results beat on both the top and bottom lines.
Watch Toll Brothers trade live.
Toll Brothers, one of America's biggest homebuilders, warned Tuesday that the housing market is feeling the pain of rising interest...
Read this story at Business Insider