After three consecutive months of gains, existing home sales fell in February. According to The National Association of Realtors, sales dropped 9.6 percent from January and are 2.8 percent below year-ago levels. Lawrence Yun, NAR’s chief economist, said he expects a gradual and uneven recovery despite record affordability conditions and an improving economy. Total housing inventory rose 3.5 percent to 3.49 million homes for sale, which represents an 8.6-month supply. Existing home sales remain 26.4 percent above the cyclical low last July. More here and here.