Existing Home Sales Fell 0.9% to 4.59 Million in February

U.S. existing home sales fell 0.9% to 4.59 million units in February, below the 4.61 million units expected by consensus. However, it comes after January was upwardly revised to a 5.7% increase to 4.63 million units (previously 4.57 million), to take away some of the sting. the 1.0% drop in single-family sales explain the overall decline. Condo/coop sales were flat. The months’ supply of unsold homes rose to 6.4 months from 6.0 months seen in January. The median sales price rose to $156,600 in February from $154,600 the month before, and is up 0.3% over last February. Though upward revisions in January helped offset the headline news, the larger than expected drop in February sales may still keep markets on edge that the housing crisis hasn’t subsided. 

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