Sales of existing homes have reached their lowest level in over a year. The decline occurred last month, with a 2 percent drop from the previous month. Rising mortgage rates and housing prices are contributing factors to this trend.

The National Association of Realtors released a report detailing the decline in sales of previously occupied homes. According to the report, the sales fell to a seasonally adjusted low.

Further details on the decline in existing home sales can be found in the report released by the National Association of Realtors.