Insider Q&A: Doug Bauer, CEO of homebuilder Tri Pointe Homes
By almost any measure, the U.S. housing market has yet to emerge from a more than year-long slump, with sales of previously occupied U.S. homes down 28% in the first quarter from a year earlier, and sales of new homes down 16%
By ALEX VEIGA
Published - May 22, 2023, 08:14 AM ET
Last Updated - Jun 21, 2023, 05:32 PM EDT
LOS ANGELES (AP) — By almost any measure, the U.S. housing market has yet to emerge from a more than year-long slump.
Through the first three months of 2023, sales of previously occupied U.S. homes are running 28% below the pace in the same quarter last year, while sales of new homes are down 16%.
And yet, many homebuilder stocks are up 20% or more this year, reflecting optimism on Wall Street that builders are in a plum spot to capitalize on a housing market held back in large part by a near-historic low number of existing homes for sale.
Homebuilder Tri Pointe Homes' stock is up 60% this year. The Incline Village, Nevada-based company builds homes in California, Arizona, Texas and seven other states.
