Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for February showing weak sales. Total home sales fell 0.4% since January, dropping 7.1% below the level seen in February 2013.
Single family home sales also weakened, dropping 0.2% from January and falling a notable 6.9% below the level seen in February 2013. The median selling price increased 9.0%, above the level seen a year earlier.
Inventory of single family homes increased from January to 1.73 million units and climbed 4.8% above the level seen in February 2013; which, along with the sales pace, resulted in a monthly supply of 5.1 months.
The following charts show national existing single family home sales, median home prices, inventory and months of supply since 2005.