US Existing home sales rise less than expected in February

FXStreet (Mumbai) - The data released by the US National Association of Realtors showed existing home sales in February rose 1.2%, compared to the expectation of a 1.8% rise. Existing home sales had tanked 4.9% in January.

Existing home sales hit 4.88 million units in February, vs. expectations of 4.9 million units. February's inventory was 1.89 million existing homes for sale, a 4.6-month supply at the current sales pace. The number of homes available for sale was down 0.5% from the year-earlier period. Existing home sales having been stuck below the 5 million unit rate for more than two years now.