Washington  — US home sales surged to their highest level in nearly 14 years in August as the housing market continued to outperform the overall economy, though record-high home prices could squeeze first-time buyers out of the market.

The report from the National Association of Realtors confirmed the housing market had recovered after slumping when the economy almost ground to a halt as businesses were shuttered in mid-March in an effort to slow the spread of Covid-19...

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