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U.S. home sales hit 10-year high, prices on increase

Staff Writer |
U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates.

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This is signaling rising confidence in the economy and bolstering expectations of a pickup in growth in the first quarter.

The National Association of Realtors says existing home sales jumped 3.3 percent to a seasonally adjusted annual rate of 5.69 million units last month, the highest level since February 2007, the NAR said.

Though the nation's housing inventory increased from December, it remained near a record low.

As a result, the median house price vaulted 7.1 percent from a year ago to $228,900 in January. That was the biggest increase since January 2016.

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