Home Prices Surge in U.S. as Low Mortgage Rates Attract Buyers

Buyers are rushing into the U.S. housing market to take advantage of falling borrowing costs. Now, they’re facing rising prices. The median price of an existing single-family home gained 6.6% in the fourth quarter, hitting $274,900, according to the National Association of Realtors. That was the biggest year-over-year gain in nearly three years. By comparison, the annual gain in the third quarter was 5.1%.

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