February Home Sales Lower Than Expected

Washington, DC, March 21, 2011 — Sales of previously owned homes in the U.S. fell 9.6% in February to an annual rate of 4.88 million, according to the National Association of Realtors.

January’s number was revised up to 5.4 million, NAR said.

Economists expected existing sales to drop to a rate of 5.1 million.

The median price of homes sold was down 5.2% from last year at $156,100, the lowest level since April 2002.

Inventories of existing homes for sale rose 3.5% to 3.49 million, representing 8.6 months’ supply.