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Home Sales In US Down To Lowest Level In 19 Months

US Home Prices Post Largest Gain Since 2005
Photo by Joe Raedle/Getty Images

WASHINGTON (AP) — Sales of U.S. existing homes slipped in February, the sixth decline in seven months as severe winter weather, rising prices and a tight supply of homes discouraged buyers.

The National Association of Realtors says sales declined 0.4 percent last month to a seasonally adjusted annual rate of 4.6 million. That was the lowest pace since July 2012.

Freezing temperatures and snowstorms likely kept many buyers from visiting open houses. And higher mortgage rates have weighed on sales since last fall.

Still, there were some signs that the market could pick up in the coming months. Sales improved in the South and West, where weather was less of a factor. And more people decided to sell, boosting the supply of available homes.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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