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February 27, 2024

KB Home CEO's outlook for spring homebuying

AP Business Writer

LOS ANGELES — Rising mortgage rates through much of 2023 kept many prospective homebuyers and sellers on the sidelines and the housing market in a deep slump.

Homebuilders responded by lowering prices and offering incentives like mortgage rate buydowns to help buyers get over their affordability hump. The approach helped lift sales of new U.S. homes 4.2% over 2022, but also cut into many builders' profits.

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