Home Resales Fall Less Than Expected

Washington, DC, March 23, 2010--Home resales declined 0.6% in February to an annual rate of 5.02 million, the lowest level in eight months, according to the National Association of Realtors.

Sales of existing homes have fallen three consecutive months after rising steadily through the fall in response to a federal subsidy for first-time home buyers.

Analysts expected sales would fall 1 percent to 5 million units.

The tax credit has been restored and expanded to repeat buyers, but there has been no increase in sales yet. Inventories of sales on the market jumped in February, rising 312,000 to 3.59 million, the highest since September.