NAR: Existing Home Sales Cool In February

The National Association of Realtors reported that existing home sales cooled to a seasonally adjusted annual rate of 5.48 million in February. Sales of existing homes fell 3.7 from January levels but were 5.4 percent higher year-over-year. NAR continues to fret about an inventory shortage when the real culprit is elevated home prices in general. Existing home sales are still treading at levels well below the previous cycle peak. As I have said repeatedly, there is no shortage of homes for sale. There is a shortage of affordable homes for sale, homes that real working [...]