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January existing home sales drop 0.6 percent

By: Martin Crutsinger
By: Martin Crutsinger

WASHINGTON (AP) - Sales of existing homes fell for a third straight month in February, pushing sales down to the lowest level since last July. There is concern that the fragile housing rebound could falter, making it harder for the overall economy to recover.

The National Association of Realtors said that sales of previously occupied homes dropped 0.6 percent in February to a seasonally adjusted annual rate of 5.02 million.

The weakness in sales depressed prices with the median home price dropping by 1.8 percent from a year ago to $165,100.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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