With supply shortages being blamed, the annual rate of existing home sales declined last month. The Northeast was out front of the drop.

Homebuyers completed the purchase of 315,000 existing single-family homes, townhomes, condominiums and co-operatives in February.

The sale of pre-owned residential properties slipped from the previous month, when a downwardly revised 319,000 home sales closed.

Source: Mortgage Daily