Existing Home Sales Nearly Flat in February

Washington, DC, March 20, 2014 -- Existing home sales declined 0.4% in February to a seasonally adjusted annual rate of 4.6 million, the slowest pace since July 2012, according to the National Association of Realtors.

Low inventory and harsh winter weather may have also a played a role in weak buying, NAR said.

Economists had expected a February sales rate of 4.58 million, down from the January rate of 4.62 million.

The median sales price was $189,000 in February, up 9.1% from a year ago.