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
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'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
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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.
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