Severe weather and consumer reluctance to spend money combined to cause a 0.6% decline in existing home sales last month, the National Association of Realtors, reported today.
Sales were at seasonally adjusted annual rate of 5.02 million units, which represented a 7% increase over February 2009.
Existing home sales rose from their January levels in the Northeast and Midwest by 2.4% and 2.8%, respectively. They fell in the South and West by 1.1% and 4.7%, respectively.
Compared with February 2009, existing home sales increased in the Northeast, Midwest, South and West by 12%, 8.8%, 6.9% and 3.4%, respectively.
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