Sales of previously owned homes in the U.S. have fallen to their lowest level in almost 14 years

Sales of previously owned U.S. homes fell to their lowest level in nearly 14 years in September as potential buyers waited for further declines in mortgage rates and more attractive asking prices.

Closing of contracts fell 1% from a month earlier to an annualized 3.84 million, according to data released Wednesday by the National Association of Realtors. Economists polled by Bloomberg expected a pace of 3.88 million based on median forecasts.