Existing home sales pulled back in February

Tight inventory represents a bottleneck for the market, NAR says

By Ben Leubsdorf | The Wall Street Journal

Sales of previously owned U.S. homes fell 3.7% in February from the prior month to a seasonally adjusted annual rate of 5.48 million, the National Association of Realtors said Wednesday.

Economists surveyed by The Wall Street Journal had expected a more modest 2.5% decline from January’s unrevised sales pace of 5.69 million—which was the strongest reading since February 2007. From a year earlier, sales in February were up 5.4%.

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