US Home Sales Dropped in August Despite Falling Mortgage Rates

Mortgage market expected to see ’minimal' impact from Fed’s rate cuts.

A home available for sale is shown in Austin, Texas, on May 22, 2024. Brandon Bell/Getty Images

U.S. existing home sales declined more than expected in August, even as mortgage rates fell to their lowest levels in more than a year.

Last month, home sales tumbled 2.5 percent to a seasonally adjusted annual rate of 3.86 million units, according to new data from the National Association of Realtors (NAR) on Sept. 19. This is down from the July increase of 1.5 percent, which was upwardly revised from 1.3 percent.