Americans Buy Existing Homes at Fastest Pace in a Decade

WASHINGTON — Americans shrugged off rising mortgage rates and bought existing homes in January at the fastest pace since 2007. That has set off bidding wars that have pushed up prices as the supply of available homes has dwindled to record lows.

Home sales rose 3.3 percent in January from December to a seasonally adjusted annual rate of 5.69 million, the National Association of Realtors said Wednesday.

Steady job gains, modest pay raises and rising consumer confidence are spurring healthy...

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