Home Sales Fall Despite Lower Rates

Sales of previously owned homes in February dropped to the lowest level in two years as consumer concerns over a slower economy offset a decline in mortgage rates.

“Despite rates starting to come down some, consumers are now focused on a grim outlook in job growth,” explained John A. Tucillo, an economist with the National Association of Realtors.

The association reported Monday that sales of existing singlefamily homes dropped 5 percent to a seasonally adjusted annual rate of 3.43 million. That was down from 3.61 million in January and 3.84 million a year earlier.

It was the smallest number of sales since a similar 3.43 million rate in March 1993.

Spokane County home sales are following a similar trend. Single family home sales in February fell 36 percent from a year ago.