Rising prices and severe winter weather caused existing-home sales to slip in February, according to the National Association of Realtors.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.4 percent to a seasonally adjusted annual rate of 4.6 million in February from 4.62 million in January, and 7.1 percent below the 4.95 million-unit level in February 2013. February’s pace of sales was the lowest since July 2012, when it stood at 4.59 million.

Lawrence Yun, NAR chief economist, said conditions in February were largely unchanged from January. "We had ongoing unusual weather disruptions across much of the country last month, with the continuing frictions of constrained inventory, restrictive mortgage lending standards and housing affordability less favorable than a year ago," he said in a statement. "Some transactions are simply being delayed, so there should be some improvement in the months ahead. With an expected pickup in job creation, home sales should trend up modestly over the course of the year."

The median existing-home price for all housing types in February was $189,000, which is 9.1 percent above February 2013.

Distressed homes – foreclosures and short sales – accounted for 16 percent of February sales, compared with 15 percent in January and 25 percent in February 2013.

Eleven percent of February sales were foreclosures, and 5 percent were short sales. Foreclosures sold for an average discount of 16 percent below market value in February, while short sales were discounted 11 percent.

Total housing inventory at the end of February rose 6.4 percent to 2 million existing homes available for sale, which represents a 5.2-month supply at the current sales pace, up from 4.9 months in January. Unsold inventory is 5.3 percent above a year ago, when there was a 4.6-month supply.

The median time on market for all homes was 62 days in February, down from 67 days in January and 74 days on market in February 2013. Short sales were on the market for a median of 94 days in February, while foreclosures typically sold in 60 days and non-distressed homes took 61 days. Thirty-four percent of homes sold in February were on the market for less than a month.

First-time buyers accounted for 28 percent of purchases in February, up from 26 percent in January, but down from 30 percent in February 2013.

All-cash sales comprised 35 percent of transactions in February, up from 33 percent in January and 32 percent in February 2013. Individual investors, who account for many cash sales, purchased 21 percent of homes in February, compared with 20 percent in January; they were 22 percent in February 2013. Seventy-three percent of investors paid cash in February.

Single-family home sales edged down 0.2 percent to a seasonally adjusted annual rate of 4.04 million in February from 4.05 million in January, and are 6.9 percent below the 4.34 million-unit level in February 2013. The median existing single-family home price was $189,200 in February, up 9.0 percent from a year ago.

Existing condominium and co-op sales declined 1.8 percent to an annual rate of 560,000 units in February from 570,000 in January, and are 8.2 percent below a year ago. The median existing condo price was $187,900 in February, which is 9.8 percent above February 2013.

Regionally, existing-home sales in the Northeast fell 11.3 percent to an annual rate of 550,000 in February, and are 12.7 percent below February 2013. The median price in the Northeast was $237,800, up 1.5 percent from a year ago.