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Financial News Network
March 21, 2011 AT 4:34 PM
Sales of existing homes fell in February after three straight months of increases, according to the National Association of Realtors.Homes were sold at an annualized rate of 4.88 million in February, down 9.6% from January and 2.8% lower than sales in February of 2010.Economists had expected an annual sales rate of 5.05 million.The inventory of existing homes for sale rose 3.5% to 3.49 million, representing 8.6 months of supply, up from a 7.6-month supply in January.Median home prices declined 5.2% compared to the year ago month, to $156,100, which is the lowest since April of 2002.