U.S. home sales surged in February to their highest level in 11 months, a sign t...
WASHINGTON - U.S. home sales surged in February to their highest level in 11 months, a sign that a pause in interest rate hikes by the Federal Reserve was starting to boost the U.S. economy.
The National Association of Realtors said on Friday existing home sales jumped 11.8 percent to a seasonally adjusted annual rate of 5.51 million units last month. February’s surge came as mortgage rates fell following signals from the Federal Reserve that it was no longer eyeing rate hikes. Several years of rising rates had put a brake on parts of the U.S. housing market in 2018.
The PHLX Housing Index extended losses following the release of the figures although its decline was less steep than the broader stock market.Existing home sales rose in three of the country’s four major regions and were unchanged in the Northeast.
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