Sales of existing single-family homes dropped almost 10% in February from the prior month and were down roughly 3% from the same period a year ago, according to new figures released by the National Association of Realtors.
NAR reported that sales of previously owned single-family homes fell to a seasonally adjusted annual rate of 4.25 million units in February from a 4.7 million rate in January.
The trade group also reported that one-third of all homes were purchased with cash — twice the rate from a year ago. In troubled housing markets such as Las Vegas and Miami, cash deals represent about half of all sales, a trend that leaves mortgage bankers out of the purchase equation.)
Meanwhile, NAR chief economist Lawrence Yun blamed tight lending standards and appraisal issues for "causing a gradual but uneven recovery."
He noted there is a "measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers."
The median price of an existing single-family home sold in February was $157,000, down 4.2% from a year ago.
