February existing-home sales fall to 4.88 million (by Jeffry Bartash)
WASHINGTON (MarketWatch) - Sales of previously owned homes in the U.S. fell 9.6% in February to an annual rate of 4.88 million, a real-estate trade group said Monday. January's data was revised up to 5.4 million, according to the National Association of Realtors. Economists surveyed by MarketWatch expected existing sales to drop to a rate of 5.1 million. The median price of homes sold was down 5.2% from last year at $156,100, the lowest level since April 2002. Inventories of existing homes for sale rose 3.5% to 3.49 million, representing 8.6 months' supply.