US existing home sales hit 14-year record despite pandemic

Washington (AFP) – Record low mortgage rates amid the coronavirus pandemic fueled a US housing boom last year, pushing existing home sales to the highest since 2006, according to a survey released Friday. Existing home sales totaled 5.64 million in 2020, 5.6 percent higher than in 2019, the National Association of Realtors (NAR) said. Even as prices rose due to high demand and constrained supply, low borrowing rates and the pandemic’s disruptions to daily life allowed those who could afford it to buy homes. In December, the pace of sales rose more than expected to 6.76 million annualized, 0.7 …

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