"February sales came in at a seasonally-adjusted annual rate of 590,000, the Census Bureau report showed, down 1.8% from a revised 601,000 in January and down 29.8% from a year earlier."
Though home sales slipped, the figures were better than economists predicted.
The report found that it took builders 7.2 months to sell a completed home in the current market.
"The report showed 188,000 completed new homes available at the end of the month, bringing total inventory - including new homes under construction and not yet started - to 471,000. That equals a 9.8-month supply, which ties January for the highest supply since 1981."
Total inventory fell by about 10,000 homes in January.
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