Existing Home Sales Up 2.9%, Prices Still Falling

According to the National Association of Realtors existing home sales in the U.S. rose in February to a 5.03 million unit annual rate while prices took a record fall.  February broke a 6 month decreasing home sale streak but also saw an 8.2 percent decline in median home prices from the same time last year.  Inventory of homes for sale fell 3% to 4.03 million units at the end of February, representing 9.6 months of supply at the current sales pace.  With the best season for home sales upon us perhaps this number will drop further and and faster in the months ahead.