March 23, 2010
Used Home Market Chilly In February
By Matthew L. Brown
National home re-sales slipped 0.6 percent in February to an annual rate of 5.02 million units as housing inventory increased by 9.5 percent over the month, according to the National Association of Realtors.
Compared to February 2009, sales of existing homes increased by 7 percent.
By the end of the month, there were 3.6 million pre-owned homes for sale nationwide. At the current sales pace, that's an 8.6-month supply, which is up from a 7.8-month supply the previous month.
The association said severe winter weather may have played a role in the February slow-down. The national median sale price for existing homes was $165,100 during the month, a 1.8 percent decrease from a year earlier.
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