US existing home sales dropped sharply in February – Wells Fargo

By FXStreet Analysts from Wells Fargo, explained that the February decline in new home sales pushed the number to the lowest level since November.

Key Quotes:

“Sales of previously owned homes fell 7.1 percent in February, which was well below consensus. Exceptionally lean inventories have kept prices relatively firm, with the median price up 4.4 percent over the past year.”

“Existing home sales fell 7.1 percent in February to a 5.08 million-unit rate, marking the lowest level since November. The closely-watched single-family component dropped 7.2 percent following two consecutive monthly gains. Single-family sales are now up 2 percent year over year.”

“Total housing inventory rose 3.3 percent in February to 1.88 million homes available for sale; however, the level remains low on a historical basis. The low level of inventory will continue to hold back overall sales and support prices. The median price of a single-family home is up 4.3 percent over the past year.”
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Source:: FX Street