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 continued to rise. Existing home sales fell 2.5% last month, from July, to a seasonally adjusted annual rate of 3.86 million, the National Association of Realtors said Thursday.

Sales decreased 2.5% month on month to a 3.86 million according to a report from the National Association of Realtors

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

Key Takeaways Home sales fell 2.5% in August from July, and remained near historically low levels.Falling mortgage rates and increasing numbers of homes for sale have yet to break the housing market free from gridlock.

Sales of existing homes fell in August as house hunters remained on the sidelines despite mortgage rates hitting their lowest level in over a year.