Why fewer existing homes sold last month

existing homes

existing homesBy Clare Trapasso | realor.com

Sales of existing homes fell in February, according to the National Association of Realtors®.

Fewer homes were sold last month as the lack of properties bearing those familiar “For Sale” signs continued to keep prices high.

Sales dropped 7.1% from January to a total seasonally adjusted 5.08 million, according to a recent report from the National Association of Realtors®. But they were still up 2.2% from a year earlier. The report looked only at existing homes, which are not newly constructed residences.

“It’s definitely a loss of momentum,” says Javier Vivas, an economic researcher at realtor.com®. “But it’s certainly not something to panic about.”

Continued:

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