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Sales of previously owned homes in the US declined more than expected in February as the housing market’s supply shortage …
Subscriber Account active since Sales of previously owned homes in the US declined more than expected in February as the housing market’s supply shortage further curbed the recent buying spree. Existing home sales fell 6.6% last month to a seasonally adjusted annual rate of 6.22 million, according to data published by the National Association of Realtors. The reading is the first decline since November and drags the pace of sales to its lowest since August. Still, sales are up 9.1% from the year-ago level. Economists surveyed by Bloomberg had expected a more modest drop to a 6.49 million sales rate. The median existing-home price crept higher to $313,000, marking 108 consecutive months of year-over-year gains. The new level ties October’s record high and sits 15.8% above the year-ago level.
