US existing home sales down 3 percent from last year
US existing home sales numbers for February show a 9.6 percent decline from the previous month and a 4 percent drop in prices from last year.
Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for February showing a notable triple blow to the nation's housing market with declining sales, falling prices and increasing inventory clearly indicating that housing remains historically weak and adds further evidence that a double-dip has materialized in the wake of the governments housing tax scams.Skip to next paragraph
Writer, The PaperEconomy Blog
Subscribe Today to the Monitor
Single family home sales declined 9.6% since January and fell 2.7% below the level seen last year while prices declined a notable 4.2% below the level seen in February 2010.
Further, inventory of single family homes remains high climbing 1.7% above the level seen in February 2010 which, combined with the relatively slow pace of sales, resulted in a monthly supply of 8.4.
The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.