Key Takeaways Toll Brothers' Q3 adjusted home sales gross margin fell 130 bps year over year to 27.5%.Incentives, especially on spec homes, are pressuring margins while aiding sales volumes.Backlog revenues dropped 10% to $6.38B, though average sales price rose to$1.16M.Toll Brothers, Inc. (TOL) continues to navigate a complex housing market where affordability challenges, shifting buyer preferences and volatile mortgage rates are shaping demand. While the company benefits from a resilient luxury segment, ...