Despite pent-up demand, existing-home sales slip

Existing-home sales data released Wednesday by the National Association of Realtors (NAR) declined slightly compared with the previous month but showed gains compared with a year ago.

February existing-home sales came in at a rate of 4.59 million, down 0.9% from 4.63 million in January. Compared with a year ago, completed transactions are 8.8% higher than February 2011.

Sales were up in the Midwest and South, offset by declines in the Northeast and West.

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