Despite the strength of the U.S. economy and its alternatives to the global economic downturn, a sharp drop in U.S. existing home sales in February signaled difficulties that could negatively impact the U.S. economy.

The National Association of Realtors (NAR) reported that existing home sales fell 7.% to an annualized rate of 5.08 million units, the lowest level since November.

Existing home sales fell 7.1 % to an annualized rate of 5.08 million units, the lowest level since November, according to the National Association of Realtors.

National Association of Realtors. <Sales fell across the country in February including a 17.1 % decline in the U.S. Northeast. The median home price increased 4.4 % to $210,800 from a year ago.