US existing home sales near 14-year high despite soaring prices

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, though record-high home prices could squeeze first-time buyers out of the market.

Demand for housing is being fuelled by record-low interest rates and a pandemic-fuelled migration to suburbs and low-density areas in search of more spacious accommodation as many people work from home. Existing home sales increased 2.4% to a seasonally adjusted annual rate of 6-million units in August, the highest level since December 2006. August's increase in homes sales, which marked three straight months of gains, was in line with economists' expectations.

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