WASHINGTON (Reuters) – U.S. existing home sales unexpectedly fell in August as persistently tight supply boosted prices, and a further decline is likely amid a resurgence in mortgage rates.

Existing home sales slipped 0.7% last month to a seasonally adjusted annual rate of 4.04 million units, the National Association of Realtors said on Thursday. Existing home sales are counted at the closing of a contract.

Last month’s sales likely reflected contracts signed in July, before the recent run-up in mortgage rates, which lifted the rate on the popular 30-year fixed mortgage above 7%.

Economists polled by Reuters had forecast home sales climbing to a rate of 4.10 million units.

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