American home sales fell to the lowest level since October 2023, as home buyers held back in the face of high mortgage rates and record-high home prices. Sales of previously-owned homes fell 2.5% to an annual rate of 3.

Home sales remained down in the dumps in August—but there’s reason to believe they could perk up soon. Previously owned homes were sold at a seasonally adjusted annual rate of 3.86 million in August,

Existing home sales fell 1% in August from July, reaching their lowest level since the pandemic, according to a report from Redfin on Wednesday.