Sales of existing homes fell in September as house hunters hesitated about buying a home, despite the easing of mortgage rates during the month.

Sales of existing homes fell 1.0% from August to a seasonally adjusted annual rate of 3.84 million, the National Association of Realtors said Wednesday. That was the lowest figure since October 2010. Economists polled by Bloomberg expected a pace of 3.88 million in September.

On an annual basis, sales of existing homes were 3.5% lower in September. The median home price rose 3.0% from September last year to $404,500, marking the 15th consecutive month of annual price increases.

“Home sales have essentially stalled at a pace of about 4 million homes over the past 12 months,” NAR chief economist Lawrence Yun said in a news release.

There have been significant challenges that have dampened sales activity, including a lack of inventory, rising prices and higher mortgage rates. However, last month these factors reversed.

The Federal Reserve cut interest rates by half a percentage point in September. Although the central bank does not set mortgage rates, its actions influence the direction of its movement.

Mortgage rates hit their lowest level since February 2023, ahead of the Fed’s decision to ease, while stock prices rose.

But overall, that wasn’t enough to entice buyers.

“Some consumers are hesitant to make big expenditures, such as buying a house before the upcoming elections,” Yun said.