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Existing home sales in the U.S. saw a sharp pullback in the month of February, according to a report released by the National Association of Realtors on Wednesday.
NAR said existing home sales tumbled by 3.7 percent to an annual rate of 5.48 million in February after jumping by 3.3 percent to a rate of 5.69 million in January. Economists had expected sales to drop to 5.58 million.
The bigger than expected decrease came after existing home sales surged up to their highest rate in almost ten years in the previous month.
Despite the monthly pullback, the report said existing home sales in February were up by 5.4 percent compared to the same month a year ago.
"Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that's pushing up price growth and pressuring the budgets of prospective buyers," said NAR chief economist Lawrence Yun.
He added, "Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market."
NAR said the median existing home price for all housing types was $228,400 in February, up 0.5 percent from $227,300 in January and up 7.7 percent from $212,100 a year ago.
The number of existing homes available for sale jumped 4.2 percent to 1.75 million in February from 1.68 million in January but is still down 6.4 percent year-over-year.
The unsold inventory at the end of February represents 3.8 months of supply at the current sales pace compared to 3.5 months at the end of January.
The report also said single-family home sales slumped by 3.0 percent to a rate of 4.89 million, while existing condominium and co-op sales plummeted by 9.2 percent to a rate of 590,000.
On Thursday, the Commerce Department is scheduled to release a separate report on new home sales in February. New home sales are expected to rise to a rate of 565,000 in February from 555,000 in January.
