Last year was a whirlwind performance by the stock market. All major indexes hit new record highs as a bull market snorted its way to life. Growth stocks capitalizing on artificial intelligence and technology were the primary drivers of the gains.

We’re one month into the new year and the market is taking a breather. The S&P 500, for example, is up only 1.6% so far and last year’s big winners might not repeat their performance this year. AI is still a force to reckon with but investors who’ve been around for a while have seen similar trends blow up before only to get quickly extinguished.

We’ll have to wait to see if AI is actually a trend or just the latest fad. The following three unstoppable growth stocks, however, have even more enticing potential in 2024.

American Homes 4 Rent (AMH)

Inflation and high interest rates are putting the American dream of owning a home out of reach for many. Yet because demand remains high as people seek privacy and space, renting is the best people can hope for. Not of apartments, but rather single-family homes. 

Real estate investment trust American Homes 4 Rent (NYSE:AMH) is one of the largest investor homeowners in the U.S. with over 59,000 homes in its portfolio in almost every region of the country except the northeast. It has a better than 95% occupancy rate in its homes.

Scooping up houses by the handful is becoming a crowded field. Invitation Homes (NYSE:INVH) is the largest player with almost 85,000 homes but private equity firm Blackstone (NYSE:BX) just acquired Tricon Residential (NYSE:TCN), which owns 38,000 properties.

However, American Homes 4 Rent has a competitive advantage in acquiring and developing new properties. It delivered 615 newly built houses in the third quarter through its AMH Development Program. It also leverages its data and technology platform to identify attractive markets and optimize operational efficiency.

American Homes pays a dividend of $0.88 that yields 2.5% annually. For investors looking for a way to invest in real estate without the high upfront costs and crushing debt associated with buying a house, this REIT might be the next best thing.

Expedia (EXPE)

Online travel agent Expedia (NASDAQ:EXPE) is benefiting from the travel boom. Its stock soared 80% in 2023 as pent-up travel demand from the pandemic continued to spill over into the market. Expect that to be true this year too.

Cruise ship operator Royal Caribbean (NYSE:RCL) just reported some blowout numbers for 2023 and said it expected 2024 to be the same. The International Air Transport Association says air passenger volume will hit 9.4 billion passengers globally this year, well ahead of pre-pandemic numbers of 9.2 billion.

These are positive tailwinds Expedia can capitalize on through its portfolio of well-known brands including Hotels.com and Vrbo. The latter can also be used to steal market share from short-term rental outfit Airbnb (NASDAQ:ABNB).

Despite last year’s gains, Expedia’s stock is still cheap. It trades at just 11 times next year’s earnings and a bargain-basement 10x free cash flow. Wall Street is forecasting the online travel agent will grow profits at a 25% compounded annual growth rate for the next five years.

Pinterest (PINS)

Idea collation site Pinterest (NASDAQ:PINS) was a pandemic-era darling. People who were stuck at home flocked to the site to gather inspiration for wish-list projects. The reopened economy, though, started a massive selloff. With entertainment options outside the home available again, using a virtual pin-up board fell out of favor. But it was only a matter of time before it bounced back and PINS stock is up 84% from the lows it hit last year.

Monthly average users (MAU) are climbing again and the average revenue per user (ARPU) is trending higher once more. That led third-quarter revenue to jump 11% year over year. It was able to turn a $5 million loss a year ago into a $10 million profit this time around.

As virtually all of Pinterest’s revenue comes from advertising, it is an advertiser’s dream destination. The site has 482 million MAU globally who are essentially telling advertisers exactly what they are going to buy. Pinterest said advertisers with mobile apps saw a 235% increase in conversion rates. For advertisers without an app, Pinterest is bringing similar tools to help them as well.

Because Pinterest is just returning to profitability its valuation metrics are wonky. Yet Wall Street sees it picking up steam. Earnings are expected to grow at a long-term 39% CAGR. Now that the idea generation site has figured out how to monetize its user base and can show advertisers the benefit of advertising there, look for this supercharged stock to keep growing.

On the date of publication, Rich Duprey did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.