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Existing Home Sales Dropped 9.6 Percent in February

Stockbyte/Thinkstock(WASHINGTON) -- Following three straight monthly increases, sales of previously-owned homes fell by 9.6 percent last month, the National Association of Realtors said Monday.

Existing-home sales dropped to a seasonally adjusted annual rate of 4.88 million in February, down from the rate of 5.4 million in the previous month.  February's sales are also 2.8 percent lower than the 5.02 million pace set during the same time the year before.

The National Association of Realtors also said that the national median sales price for all housing types fell by 5.2 percent from February 2010 to $156,100.

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