Existing home sales grew 1.2 percent in February to a 4.88 million unit annual pace. Weather still appears to be playing a negative role in sales, but low inventories and weak demand continue to plague the market.

Sales in the Northeast dropped 6.5 percent in the month, while in the Midwest they remained flat. In other parts of the nation, sales looked a bit stronger in February, with the West rising 5.7 percent and the South posting a 1.9 percent increase.