Previously Owned U.S. Home Sales Decline More Than Forecast

Sales of previously owned U.S. homes dropped more than forecast in February after reaching the second-highest level since 2007 as low inventory levels continue to limit progress in housing.

Closings on existing homes, which usually take place a month or two after a contract is signed, decreased 7.1 percent to a three-month low 5.08 million annual rate after a 5.47 million pace in January, the National Association of Realtors said Monday. Sales were weaker than the most pessimistic forecast in a Bloomberg survey of economists.