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February 23, 2024

Analysts see a solid year ahead for homebuilders

By ALEX VEIGA
AP Business Writer

LOS ANGELES — 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.


 
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