February existing-home sales ease with mixed conditions

Existing-home sales declined slightly in February, with modest gains in the Northeast and Midwest offset by softer sales in the South and West, according to the National Association of Realtors®.

Existing-home sales slipped 0.6 percent nationally to a seasonally adjusted annual rate of 5.02 million units in February from 5.05 million in January, but are 7.0 percent higher than the 4.69 million-unit pace in February 2009.

Total housing inventory at the end of February rose 9.5 percent to 3.59 million existing homes available for sale, which represents an 8.6-month supply at the current sales pace, up from a 7.8-month supply in January. Raw unsold inventory is 5.5 percent below a year ago.

The national median existing-home price for all housing types was $165,100 in February, which is 1.8 percent below February 2009. Distressed homes, generally sold at discount, accounted for 35 percent of sales last month.

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Neil D. Lyon CRB, CRS, GRI Cell: 505.660.8600 Direct: 505.954.5505

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