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Existing-home sales fell in February after three consecutive months of increases, according to the National Association of Realtors.
Existing-home sales (completed transactions of single-family homes, townhomes, condominiums, and co-ops), dropped 9.6% to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, February 2011 sales are 2.8% below the 5.02 million pace in February 2010.
"Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers,” said Lawrence Yun NAR chief economist. "This tug and pull is causing a gradual but uneven recovery. Existing-home sales remain 26.4% above the cyclical low last July.”
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