By Ruth Mantell
WASHINGTON (MarketWatch) -- Sales of existing homes declined 0.4% in February to a seasonally adjusted annual rate of 4.6 million, the slowest pace since July 2012, the National Association of Realtors reported Thursday. Sales rates have trended down since the summer as rising mortgage rates and home prices cut affordability. Constrained inventory and unusually poor weather may have also a played a role in weak buying, NAR said. Economists polled by MarketWatch had expected a February sales rate of 4.58 million, compared with a January rate of 4.62 million. The median sales price of used homes hit $189,000 in February, up 9.1% from the year-earlier period, supported by low inventory. February's inventory was 2 million existing homes for sale, a 5.2-month supply at the current sales pace.
