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U.S. home sales hit 10-year high, prices soar
U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, signalling rising confidence in the economy and bolstering expectations of a pickup in growth in the first quarter.
The National Association of Realtors' report on Wednesday came as the labour market nears full employment and investors wait for the Trump administration to act on its promises to cut taxes, increase infrastructure spending and reduce regulations.
"Existing home sales continue to shine and this bodes well for consumer spending which helps the economy go. Team Trump is trying to boost economic growth and today's existing home sales will make the job a little easier," said Chris Rupkey, chief economist at MUFG Union Bank in New York. Read more here.
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