Monday, March 21, 2011

Existing Home Sales Report: February 2011

Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for February showing a notable triple blow to the nation's housing market with declining sales, falling prices and increasing inventory clearly indicating that housing remains historically weak and adds further evidence that a double-dip has materialized in the wake of the governments housing tax scams.

Single family home sales declined 9.6% since January and fell 2.7% below the level seen last year while prices declined a notable 4.2% below the level seen in February 2010.

Further, inventory of single family homes remains high climbing 1.7% above the level seen in February 2010 which, combined with the relatively slow pace of sales, resulted in a monthly supply of 8.4.

The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.