Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.

Sales were 3.5% lower than in September 2023. Sales fell in three out of four U.S. regions, with just the West region seeing a gain.

This count is based on closings, representing contracts signed likely in July and August. Mortgage rates started July near 7% on the 30-year fixed and then fell slowly through August to just below 6.5%. Rates are now more than a full percentage point lower than they were a year ago.

“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said Lawrence Yun, chief economist for the National Association of Realtors.