U.S. Home Sales Hit 13-Year Low

"February sales came in at a seasonally-adjusted annual rate of 590,000, the Census Bureau report showed, down 1.8% from a revised 601,000 in January and down 29.8% from a year earlier."

Though home sales slipped, the figures were better than economists predicted.

The report found that it took builders 7.2 months to sell a completed home in the current market.

"The report showed 188,000 completed new homes available at the end of the month, bringing total inventory - including new homes under construction and not yet started - to 471,000. That equals a 9.8-month supply, which ties January for the highest supply since 1981."

Total inventory fell by about 10,000 homes in January.

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