Sales of existing homes fell in August to the lowest level in five years, reported Bloomberg News. Purchases declined 4.3 percent to an annual rate of 5.5 million, which was 13 percent lower than a year ago, according to the National Association of Realtors. Existing home sales account for about 85 percent of the housing market.

The number of properties on the market rose to a record 4.58 million last month, while the median price for a home fell 0.2 percent to $224,500. Sales could continue to fall in upcoming months as borrowing costs rise and mortgages become harder to obtain.

The S&P/Case-Shiller home-price index also showed that home prices in 20 U.S. metropolitan areas declined 3.9 percent in the 12 months through July, the largest drop since the index began in 2001.

Analysts worry that lower home values and slower job growth could hurt consumer spending. The Conference Board’s index of consumer confidence fell to 99.8 in September from 105.6 in August, the lowest level in nearly two years.