The National Association of Real Estate Brokers (NAR) announced that existing home sales fell 7.2% in February to 6.02 million units.
Year-over-year, home sales fell 2.4% in February.
Existing home sales were impacted by a rise in mortgage rates to a three-year high and low real estate inventories, which drove up home prices.
The number of homes on the market fell 15.5% year-on-year in February to 870,000 units.
In addition, the median home price increased 15% to $357,000.
When looking at home sales and home inventory on the market, it was found that it took 1.7 months for home sellers to run out of home inventory on the market, down from 2.0 months last year.