In February, U.S. existing home sales rebounded, but most probably because of unusual mild weather conditions. For the month of March, we expect home sales to be lower again, more in line with other housing data. According to the Economic Department at Westpac: "The rise in existing home sales over February was simply the recording of sales initiated during January's period of warm weather that inspired more buyers than usual to brave the (not so) cold winter weather." They also said that given weaker mortgage approvals and falling new home sales we expect a near full reversal over March of 4.5%. Existing home sales have been easing since hitting an annualized pace of 7.27 in June of last year. Most of the decline in sales has been in condominiums, which are more volatile than single-family home sales. February sales of condos in February were down 9.9% from last June while single-family unit sales slipped 4.3%.