Natural Disaster

Existing Home Sales Off 3.6 Percent in February 

Existing-home sales remained flat in February, off 3.6 percent from year-ago numbers, according to data released today by the National Association of Realtors. Total existing-home sales came in at a seasonally-adjusted annual rate of 6.69 million units in February, compared to a 6.94 million-unit pace in February 2006. The realtor trade organization mistakenly characterized February’s sales numbers as a “strong” rise, pointing to monthly gains in a press statement — most economists, however, benchmark adjusted sales performance against year-ago numbers. Nonetheless, the monthly rise in sales that prompted the NAR’s jubilant-yet-incorrect statement was the biggest monthly rise recorded in three years, providing strong evidence that a housing recovery may be in the offing.