Americans buy existing homes at fastest pace in a decade

Americans shrugged off rising mortgage rates and bought existing homes in January at the fastest pace since 2007.

The National Association of Realtors says home sales rose 3.3 percent last months from December to a seasonally adjusted annual rate of 5.69 million.

Steady job gains, modest pay raises and rising consumer confidence are spurring healthy home buying even as borrowing costs have risen since last fall. Some potential buyers may be accelerating their home purchases to get ahead of any further increases in mortgage rates.

Buyers are snapping up homes, with the typical house for sale remaining on the market for just 50 days, compared with 64 days a year ago. Strong demand is pushing up median home prices, which jumped 7.1 percent from a year earlier to $228,900.



Add Comment

all comments

  Other news

more
Trump ignored intel, launched Tomahawks in Syria based on media  Pulitzer winner Seymour Hersh

Trump ignored intel, launched Tomahawks in Syria based on media Pulitzer winner Seymour Hersh..

25-Jun, 05:49

US President Donald Trump ignored reports from US intelligence that said...

Indian cricket captain calmly reads book before batting

Indian cricket captain calmly reads book before batting..

25-Jun, 09:57

The captain of India's women's cricket team caught fans' attention during...

Glastonbury 2017: Stormzy sends crowds wild with heartbreaking tribute to Grenfell Tower fire victims during Other Stage set

Glastonbury 2017: Stormzy sends crowds wild with heartbreaking tribute to Grenfell Tower fire..

24-Jun, 17:09

The grime star, who rapped on the official charity single, Bridge Over...

Car hits pedestrians at Eid event in Newcastle, 5 casualties, not believed to be terror

Car hits pedestrians at Eid event in Newcastle, 5 casualties, not believed to be terror..

25-Jun, 06:00

A car has plowed into people gathering for Eid prayers near a Newcastle...

Iraq: Mass food poisoning, 2 die at Mosul camp for displaced

Iraq: Mass food poisoning, 2 die at Mosul camp for displaced..

13-Jun, 05:25

A mass food poisoning at a camp for displaced people near the northern...

With court victory, hand of Brazil's president strengthened

With court victory, hand of Brazil's president strengthened..

10-Jun, 00:18

Fighting to save his job, Brazilian President Michel Temer got a huge...

The Latest: Cyberattack hit German rail schedule boards

The Latest: Cyberattack hit German rail schedule boards..

13-May, 06:07

The Latest on the global cyberattack (all times local): 11:00 a.m. ...

My teacher Is Xiao-he Episode 270

My teacher Is Xiao-he Episode 270..

23-Feb, 02:15

The following My teacher Is Xiao-he Episode 270 English Sub has been...