WASHINGTON (March 21, 2011) – Existing-home sales fell in February following three straight monthly increases, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.
Source: National Association of REALTORS®
One month does not make a trend! We’re seeing robust activity in both new and existing home sales in the greater Dallas area. The decrease in February may just be reflective of the December holidays since real estate closings typically take 45 to 60 days to happen.
Tom