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Existing Home Sales Dive Massive 9.6%

Existing home sales fell 9.6% in February, month-over-month. The annual rate is at 4.88 million in sales. Expectations were for an annualized 5.15 million. There is an 8.6 month supply of homes in the market and prices are still falling, according to From Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.

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