NAR: existing-home sales slip in February

West sees the biggest monthly decline

Existing-home sales dipped 0.6 percent in February, but are up 7 percent compared to the same month last year, according to a report by the National Association of Realtors.

Sales of resale homes, which include single-family, townhomes, condominiums and co-ops, fell to a seasonally adjusted annual rate of 5.02 million units last month, down from January’s rate of 5.05 million units, though were up from the 4.69 million unit rate in February 2009, the report said.

The monthly decrease was driven by a 1.4 percent month-to-month decline in single-family home sales, which make up the vast majority of existing home sales. Sales of resale condos and co-ops, meanwhile, rose 4.8 percent month-to-month. They also rose 30.3 percent year-over-year, compared to a 4.3 percent increase for single-family homes.