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Sales of U.S. Previously Owned Homes Decline to a Six-Month Low

  • Purchases fall to 6.02 million rate as affordability wanes
  • Median selling price up 15% from year ago; inventories lean
Bloomberg business news
February Existing Home Sales Fall
Updated on

Sales of previously owned U.S. homes fell in February by more than forecast to a six-month low as a limited supply of properties and high prices deterred potential buyers.

Contract closings decreased 7.2% in February from the prior month to an annualized 6.02 million, figures from the National Association of Realtors showed Friday. The median forecast in a Bloomberg survey of economists called for a 6.1 million annualized rate in February. The monthly drop was the biggest in a year.