Sales of U.S. existing homes fell slightly to a 19-month low in February, the sixth decline in seven months as severe winter weather, rising prices, and a tight supply of homes discouraged buyers. The National Association of Realtors (NAR) reported Thursday that home re-sales declined 0.4 percent last month to an annual rate of 4.60 million units, the weakest pace since July 2012. The drop was in line with economist expectations. Freezing temperatures and snowstorms likely kept many potential buyers from visiting available houses, and higher mortgage rates have limited sales since last autumn. While temperatures remained unusually cold in February, a modest improvement in inventory on the market indicates some buyers are expected to enter the market soon. "The weather surely cannot get any worse," NAR chief economist Lawrence Yun told reporters. "The new supply will help tame price growth." The median price for an existing home rose 9.1 percent in February from a year earlier, the NAR said.
