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US existing home sales grow below expectations in February

Sharecast

LONDON (ShareCast) - Sales of existing homes rose 1.2% in February to a seasonally adjusted annual rate of 4.88m, falling below analysts' expectations of a 4.94m reading. According to figures released by the National Association of Realtors, existing home sales remain sluggish, having fluctuated over the 5m level for the past two and half years.

The report added that the median sales price of used homes hit $202,600 in February, a 7.5% increase year-on-year.

"A sharper contraction in total home sales for first quarter suggests less residential investment for the quarter," analysts at Barclays (LSE: BARC.L - news) said in a note.

"This cut our estimate of first quarter residential investment and left our first quarter GDP tracking estimate unchanged after rounding."