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Existing home sales report: Weak home sales in February

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(Read caption) February showed weak sales with total home sales falling 0.4% since January dropping 7.1% below the level seen in February 2013.

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Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for February showing weak sales with total home sales falling 0.4% since January dropping 7.1% below the level seen in February 2013.

Single family home sales also weakened dropping 0.2% from January falling a notable 6.9% below the level seen in February 2013 while the median selling price increased 9.0% above the level seen a year earlier.

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Inventory of single family homes increased from January to 1.73 million units and climbed 4.8% above the level seen in February 2013 which, along with the sales pace, resulted in a monthly supply of 5.1 months.

The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.