(RTTNews) - The National Association of Realtors released a report on Friday showing a sharp pullback in U.S. existing home sales in the month of February. "Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases," said NAR chief economist Lawrence Yun. He added, "Monthly payments have risen by 28% from one year ago - which interestingly is not a part of the consumer price index - and the market remains swift with multiple offers still being recorded on most properties."