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Existing home sales decline in February

Thursday, March 25, 2010

A drop in existing home sales was recorded during the second month of the year.
A drop in existing home sales was recorded during the second month of the year.

Whether people are buying homes is obviously of interest to those who use construction equipment, and February saw a slight decline in demand.

According to the National Association of Realtors, sales for existing homes fell 0.6 percent during the second month of the year. At a seasonally adjusted yearly rate, sales hit 5.02 million in February, down from 5.05 million the month before.

One reason why sales may have dropped was because February saw severe weather in parts of the country.

"Some closings were simply postponed by winter storms, but buyers couldn't get out to look at homes in some areas and that should negatively impact near-term contract activity," said Lawrence Yun, NAR chief economist.

Rough weather also may have impacted the ability of builders to get construction equipment out into the field. According to a report from the U.S. Census Bureau, housing starts dropped at an annualized rate of 5.9 percent during February.

However, the bureau also said that housing completions were up during the month, increased at an annual rate of 5.4 percent when compared to January.
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