The National Association of Realtors released existing home sales data for February. Sales of existing homes tumbled to a seasonally adjusted annual rate of 5.08 million, from 5.47 million in January. Existing single family sales slowed to 4.51 million, from 4.86 million in January. After several months of heightened volatility the slowdown brings sales more in line with trend growth over 2014 and 2015.
Inventories of existing single family homes for sale have been essentially flat since 2013, in February 1.8 million were available. The median price ticked down to $228.6 thousand in February, after steady gains from a low of $161.0 thousand in mid-2011.