WASHINGTON -- Sales of existing single-family homes dipped slightly in February from the strong pace of the month prior, but remain at exceptionally high levels, according to the National Association of Realtors (NAR).
Existing-home sales edged down 0.4% in February to a seasonally adjusted annual rate of 5.18 million units from an upward-revised level of 5.20 million units in January. Last month's sales activity was 2.6% below the 5.32-million unit pace in February 2000. The highest monthly pace on record is an annual rate of 5.45 million units, recorded in June 1999.