Sales of Existing Homes Down 2.3%

WASHINGTON — Sales of existing homes retreated in February for the second-straight month, falling 2.3%, but buyer demand remained strong despite rising mortgage rates, a real estate trade group said today.

The National Assn. of Realtors said sales of single-family homes at a seasonally adjusted annual rate totaled 3.44 million in February, down from January’s pace of 3.52 million.

The February rate was down 3.1% from the February, 1989, rate of 3.55 million units.

“In light of persistently rising mortgage rates, a pace of 3.44 million units shows considerable market strength,” Norman Flynn, NAR president, said.