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Economic Report: Existing-home sales fall for third-straight month, hit a 3-year low

Bloomberg News/Landov
A for-sale sign stands in front of a home in Durham, North Carolina.

The numbers: Existing-home sales ran at a 4.94 million seasonally-adjusted annual rate in January, the National Association of Realtors said Thursday.

What happened: Sales of previously-owned homes were even lower – by 1.2% – than the 3-year low they hit in December. They were 8.5% lower than a year ago.

That missed the MarketWatch consensus of an unchanged pace.

The median price of a home sold in February was $247,500, up 2.8% compared to a year ago. That was the slowest annual price growth since 2012, and homes were on the market for an average of 49 days, up from 46 days in December and 42 days a year ago, all signs of shifting market supply-demand forces.

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