The NAR reports: February Existing-Home Sales Decline
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 per cent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 per cent below the 5.02 million pace in February 2010.
Total housing inventory at the end of February rose 3.5 per cent to 3.49 million existing homes available for sale, which represents an 8.6-month supply at the current sales pace, up from a 7.5-month supply in January
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