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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.

By Guest blogger / March 21, 2011

This chart shows the number of existing family home sales from December 2006 to February 2011. US existing home sales for last month were 2.7 percent lower than a year ago.

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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.

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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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