Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market kept rising.

Existing US homes sales fell to a 10-month low in August despite a fall in mortgage rates during the month, according to data published on Thursday, although mortgage applications pointed towards a pick up this month and October.

Sales of previously owned US homes fell in August, according to industry data released Thursday, but lower mortgage rates and growing supply were likely to boost the industry. Compared with a year ago, NAR data showed that existing home sales were 4.2 percent down in August.

Sales of previously owned US homes fell in August, according to industry data released Thursday, but lower mortgage rates and growing supply were likely to boost the industry. Compared with a year ago, NAR data showed that existing home sales were 4.2 percent down in August.

A drop in mortgage rates and more homes coming on the market in August wasn’t enough to jolt home sales from their sluggish pace—at least not yet.

The median price of an existing home sold in August was $416,700, up 3.1% from August 2023.

Existing home sales in August reached their lowest level since May 2020, according to Redfin.Redfin says buyers are waiting to see if mortgage rates fall