Existing Home Sales Slip in February, Still Outpacing 2011 Sales

Posted To: MND NewsWire

Sales of existing homes fell 0.9 percent in February to a seasonally adjusted annual rate of 4.59 million homes according to data released this morning by the National Association of Realtors® (NAR). The increase was over January sales that were adjusted from an original estimate of 4.57 million to 4.63 million sales. Despite the slight month-over-month decrease, February sales were up 8.8 percent over the 4.22 million pace during the same period in 2011. Existing home sales are completed transactions that include single-family homes, townhomes, condominiums and co-ops. Lawrence Yun, NAR chief economist, said underlying factors are much better compared to one year ago . “The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the…(read more)

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