Existing Home Sales Fall 0.6% to 5.02 Million Rate

Existing home sales fell 0.6% in February to a 5.02 million annual rate as inventories continued to rise, the National Association of Realtors reported yesterday.

Sales have declined for three consecutive months following a surge in October and November as buyers rushed to secure the homebuyer tax credit. The market needs a “second surge” of existing home sales in April, May and June to offset rising inventories, said Lawrence Yun, the NAR’s chief economist.

Economists expected 5.0 million existing home sales in February.

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