Posted in home improvement loans

US existing home sales approach 14-year high; prices scale record peak

WASHINGTON: US home sales surged to their highest level in nearly 14 years in August as the housing market continued to outperform the overall economy, but record high home prices could squeeze first-time buyers out of the market.

The report from the National Association of Realtors confirmed home sales had recovered after slumping when the economy almost ground to a halt as businesses were shuttered in mid-March in an effort to slow the spread of COVID-19.

Demand for housing is being fuelled by record-low mortgage rates and a pandemic-fuelled migration to suburbs and low-density areas in search of more spacious accommodation as many people work from home. Federal Reserve Chair Jerome Powell told a congressional panel on Tuesday that the economy has shown “marked improvement” since plunging into recession in February, though the path ahead remains uncertain.

“The housing market has continued its remarkable recovery amidst an otherwise

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Continue Reading US existing home sales approach 14-year high; prices scale record peak
Posted in home improvement loans

U.S. existing home sales approach 14-year high; prices scale record peak

WASHINGTON (Reuters) – U.S. home sales surged to their highest level in nearly 14 years in August as the housing market continued to outperform the overall economy, but record high home prices could squeeze first-time buyers out of the market.

FILE PHOTO: A house-for-sale sign is seen inside the Washington DC Beltway in Annandale, Virginia January 24, 2016. REUTERS/Hyungwon Kang/Files

The report from the National Association of Realtors confirmed home sales had recovered after slumping when the economy almost ground to a halt as businesses were shuttered in mid-March in an effort to slow the spread of COVID-19.

Demand for housing is being fueled by record-low mortgage rates and a pandemic-fueled migration to suburbs and low-density areas in search of more spacious accommodation as many people work from home. Federal Reserve Chair Jerome Powell told a congressional panel on Tuesday that the economy has shown “marked improvement” since plunging into

Read More
Continue Reading U.S. existing home sales approach 14-year high; prices scale record peak