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Existing-home sales end six-month skid in February

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Sales of previously owned homes hit an adjusted annual rate of 5.03 million in February, which was down 23.8 percent compared to the same month last year but was up slightly from January 2008, ending a six-month slide, the National Association of Realtors reported today. The median price of resale homes fell 8.2 percent in February compared to February 2007, while the average price was down 7 percent, the trade group reported. The seasonally adjusted annual rate represents a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. There was an estimated 9.6-month supply of resale homes for sale in February, up 39.1 percent compared to the same month last year but down 3 percent compared to January 2008, the Realtor group reported -- this means it would take an estimated 9.6 months to exhaust the supply of for-sale resale homes at the February sales rate. For-sale home inventory was 4.03 million in Februar...