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.

Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.

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.