February Existing-Home Sales Decline, Inventories Higher but Improvement Over a Year Ago
Existing-home sales declined slightly in February. The decline continues after peaking in November. The sales slipped 0.6% nationally to a seasonally adjusted annual rate of 5.02 million units. However, it is 7.0% higher than February of 2009. The home prices are also more stable than a year ago.
The total number of homes on the market in February rose 9.5% to 3.59 million units which represents 8.6 months of inventory at the current sales rate. However, again, the numbers are 5.5% lower than a year go.