Real Estate

Existing home sales fell sharply in February, as supply declined at record pace

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Single-family homes are seen in this aerial photograph taken over a Lennar Corp. development in San Diego, California.

Bing Guan | Bloomberg | Getty Images

Closed sales of existing homes in February dropped a larger-than-expected 6.6% compared with January, according to the National Association of Realtors.

That put them at a seasonally adjusted, annualized rate of 6.22 million units, which was 9.1% higher compared with February 2020.

Despite being on the cusp of the historically busy spring housing market, homeowners are not listing their properties for sale at the pace they normally would this time of year. The supply of homes for sale fell 29.5% year over year, the largest annual decline…



Source cnbc.com

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