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Home sales tumble,President Obama's Libya War Challenges,[link widoczny dla zalogowanych], prices near 9-year low
WASHINGTON (Reuters) – Sales of previously owned U.S. homes plunged in February and prices hit their lowest level in nearly nine years, implying a housing market recovery was still a long way off.
The National Association of Realtors said on Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July.
The weak sales were the latest evidence of the malaise in the housing sector and confirmed it would remain outside the strengthening and broadening economic recovery.
At February's sales pace, the supply of existing homes represented an 8.6 months' supply, up from 7.5 in January. A supply of between six and seven months is generally considered ideal,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych],Buoyed by strikes, Libya rebels try to advance, with higher readings pointing to lower house prices.
"Inventory is still high,[link widoczny dla zalogowanych], about a third higher than it was pre-recession. We are not going to see any bounce back in new home sales until the inventory of existing home sales gets worked down,[link widoczny dla zalogowanych]," said Steve Blitz, a senior economist at ITG Investment Research in New York.