The National Association of Realtors released existing homes sales figures in the U.S. on Monday. Sales of existing homes slid 7.1% to a seasonally adjusted annual rate of 5.08 million in February from 5.47 in January. Analysts had expected a decrease to 5.31 million units.
"Sales took a considerable step back in most of the country last month, and especially in the Northeast and Midwest," the NAR chief economist Lawrence Yun said.
Sales to first-time buyers remained dropped to 30% in February from 32% in January.
"The overall demand for buying is still solid entering the busy spring season, but home prices and rents outpacing wages and anxiety about the health of the economy are holding back a segment of would-be buyers," Yun said.