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.

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 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.