Sales of Existing Homes Drop as Prices Climb

Sales of existing U.S. homes fell 0.4% in February, while home prices rose at double-digit rates, a trade association report showed.

Sales of previously owned homes declined to a seasonally adjusted annual rate of 6.79 million units last month, the National Assn. of Realtors said. That figure includes single-family homes and condominiums.

The national median home price jumped 11% to $191,000 from the same month a year earlier, the report showed.