US home sales slowed in February after surge in January
WASHINGTON — Americans retreated from buying existing homes in February, a pullback after sales in January had surged to the fastest pace in a decade. But over the past 12 months, sales are up solidly.
Sales of existing homes fell 3.7 per cent last month to a seasonally adjusted annual rate of 5.48 million, the National Association of Realtors said Wednesday. The decline may represent just a temporary slump after the sharp sales increase in January.
Stable hiring and a recovering economy have fueled greater demand among homebuyers. Over the past year, purchases have risen 5.4 per cent. At the same time, sales growth has been restricted by a shortage of homes on the market.
“The underlying story is still very positive for the housing market,” said Jennifer Lee, a senior economist at BMO Capital Markets. “The February drop is just a blip in the overall trend.”