Reuters

(Reuters)

Still Shaky: Existing Home Sales Dip Slightly

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Home resales unexpectedly fell in February and the supply of properties on the market rose, underscoring the many hurdles for the housing recovery.

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The National Association of Realtors said existing home sales slipped 0.9 percent to an annual rate of 4.59 million units last month.

However, January's sales pace was revised up to 4.63 million units from the previously reported 4.57 million units.

Economists polled by Reuters had expected sales to rise to a 4.62 million-unit sales pace last month.

About 33 percent of pending contracts were canceled, the NAR said. Investors bought 23 percent of homes in last month, with first-time buyers accounting for about third of the transactions.