Some economists are worried the US property market is set for a second slowdown.
Sales of existing homes plunged 27% in July compared with a the same month last year, hitting their lowest level in more than a decade, the BBC reports.
Homes are changing hands at an annual rate of 3.83 million, the lowest level since 1995, according to figures from the National Association of Realtors (NAR).
BNP Paribas senior US economist Julia Coronado says the drop reflected the end of tax credits designed to boost sales.
But she says the US central bank will be concerned the economy is spluttering to a halt, with an even chance it may go backwards.
