Existing home sales report: Weak home sales in February
February wasn't a good month for those looking to sell their house: total home sales fell .4 percent since January.
Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for February showing weak sales with total home sales falling 0.4% since January dropping 7.1% below the level seen in February 2013.
Single family home sales also weakened dropping 0.2% from January falling a notable 6.9% below the level seen in February 2013 while the median selling price increased 9.0% above the level seen a year earlier.
Inventory of single family homes increased from January to 1.73 million units and climbed 4.8% above the level seen in February 2013 which, along with the sales pace, resulted in a monthly supply of 5.1 months.
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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