Existing home sales are falling to their lowest level in six months

The National Association of Realtors said today that US existing home sales fell 6.6% to a seasonally adjusted annual rate of 6.22 million units in February, the lowest level since last August. On an annual basis, existing home sales, which account for the largest portion of US home sales, increased by 9.1% in the 12 months to February compared to the same period last year.

The current median home price increased 15.8% from the same period last year to $ 313,000 in February, and during February there were 1.03 million pre-owned homes in the market, down 29.5% from last year.