U.S. home resales fell sharply in February in a potentially troubling sign for America’s economy which has otherwise looked resilient to the global economic slowdown.

The National Association of Realtors said on Monday existing home sales dropped 7.1 percent to an annual rate of 5.08 million units, the lowest level since November.

Sales have been volatile and prone to big swings up and down in recent months following the introduction in October of new mortgage regulations, which are intended to help homebuyers understand their loan options and shop around for loans best suited to their financial circumstances.

February’s decline weighed on investor sentiment, with the S&P 500 stock index falling after the data was released.  Sales fell across the country, including a 17.1 percent plunge in the U.S. Northeast. Economists had forecast home resale’s decreasing 2.8 percent to a pace of 5.32 million units last month.

InterAnalyst has been serving investors globally since 1990. Authoring hundreds financial articles and publications, thousands of trading charts to investors worldwide.

No Fake News Here!

Just Facts and Opinions. Receive updates and stay on top of the markets!

You have Successfully Subscribed!