Existing home sales declined 3.7% to a seasonally adjusted 5.48 million-unit rate in February from an unrevised 5.69 million sales pace the previous month, the National Association of Realtors announced Wednesday.
The February rate represents a 5.4% increase from the same month a year ago, and was below the median 5.57 million unit pace predicted by economists polled by Thomson Reuters.
"Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that's pushing up price growth and pressuring the budgets of prospective buyers," said NAR chief economist Lawrence Yun. "Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market."
Sales in the regions were mostly lower in February. They were down 13.8% in the Northeast, 7.0% in the Midwest, 3.1% in the West, but up 1.3% in the South.
The median sales price was $228,400 in February, a 7.7% increase from a year ago.
Inventory levels grew 4.2% from the previous month to 1.75 million existing homes, representing a 3.8-month supply at the current pace. Inventory was down 6.4% from the February 2016 level.
