Monday, March 4, 2024 / by Richard Eimers
Wall Street Sees a Solid Year for Homebuilders
Sales of new homes rose nationally in 2023 for the 1st time in 2 years, up 4.2% from the previous year. However, fluctuating mortgage rates remain a wild card.
LOS ANGELES (AP) – Housing market trends are shaping up in favor of a solid 2024 for U.S. homebuilders – as long as mortgage rates don't jump back to the highs they hit late last year.
Sales of new homes rose nationally in 2023 for the first time in two years, climbing 4.2% from a year earlier, according to the Commerce Department. This bucked the trajectory of the broader housing market, which remained mired in a deep slump as sales of previously occupied U.S. homes sank roughly 19% to a nearly 30-year low.
Homebuilders were able to mitigate the impact of higher interest rates on home shoppers by lowering prices and offering incentives like paying buyers’ closing costs or buying down the rate on their mortgage. They also b ...
LOS ANGELES (AP) – Housing market trends are shaping up in favor of a solid 2024 for U.S. homebuilders – as long as mortgage rates don't jump back to the highs they hit late last year.
Sales of new homes rose nationally in 2023 for the first time in two years, climbing 4.2% from a year earlier, according to the Commerce Department. This bucked the trajectory of the broader housing market, which remained mired in a deep slump as sales of previously occupied U.S. homes sank roughly 19% to a nearly 30-year low.
Homebuilders were able to mitigate the impact of higher interest rates on home shoppers by lowering prices and offering incentives like paying buyers’ closing costs or buying down the rate on their mortgage. They also b ...
