Sales of previously occupied U.S. homes fell 2.5% in August, reaching a seasonally adjusted annual rate of 3.86 million, marking the slowest pace in nearly a year, according to the National Association of Realtors (NAR). This decline occurred despite easing mortgage rates, with the average 30-year mortgage dropping to 6.2%, the lowest since February 2023. Home prices continued to rise, with the national median sales price increasing 3.1% to $416,700, the 14th consecutive month of year-over-year growth. Experts believe that the combination of lower mortgage rates and rising inventory could eventually stimulate sales in future months. However, many potential buyers are remaining cautious and waiting for further rate reductions, even as pending home sales have also decreased. The current housing market remains challenging, with a significant number of homes sitting unsold as buyers adopt a selective approach amidst economic uncertainties.