WASHINGTON — Existing home sales fell 0.4% to a seasonally adjusted 4.60 million-unit rate in February from an unrevised 4.62 million pace the previous month, the National Association of Realtors announced Thursday.
The February sales rate was the lowest level in 19 months. It was close to the median estimate of economists polled by Thomson Reuters, who predicted a 4.61 million rate.
The rate represents a 7.1% decrease from February 2013.
NAR Chief Economist Lawrence Yun said that factors contributing to the February decline included the winter weather, limited inventory, tight credit conditions and unfavorable housing affordability.
Sales fell 11.3% in the Northeast and 3.8% in the Midwest, but increased 1.5% in the South and 5.9% in the West.
The median sales price was $189,000 in February, a 0.6% increase from the previous month and a 9.1% increase from a year ago.
Housing inventory levels rose 6.4% from the previous month to 2 million existing homes, representing a 5.2-month supply at the current pace. Inventory was up 5.3% from the February 2013 level.
