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Sales of Existing Homes in U.S. Fall to Lowest Since 2012

Purchases of previously owned homes in the U.S. declined in February to the lowest level since July 2012, a sign the industry may be slow to recover.

Contract closings on existing properties fell 0.4 percent to a 4.6 million annual rate, matching the median projection in a Bloomberg survey, figures from the National Association of Realtors showed today in Washington. Prices rose 9.1 percent from a year earlier, the group said.