US Existing Home Sales Decline For The 6th Time In 7 Months

Existing home sales fell to 4.6 million homes in February which is the lowest level since July 2012. Existing home sales are now down over 7% year-over-year. The weakness this month was centered in the Midwest and Northeast. The South and West regions both saw month-over-month increases in February. Weaker sales has also increased supply to a 10-month high. This, however, may drag down house prices over the next quarter or two. And unfortunately, the pending home sales index is not forecasting a jump over the next few months for existing home sales.