Existing Home Sales Drop to 9-Year Low

Existing home sales fell 9.6% in February to the lowest level since 2002, the National Association of Realtors said Monday.

The annual rate of 4.88 million was lower than economists estimates of a decline to a 5.13 million rate, Bloomberg reported.

The median price of existing homes fell 3.7% from a year ago to $158,000, Bloomberg said.