Sales of previously owned homes unexpectedly fell in June to touch a seven-month low, Reuters reported.

The National Association of Realtors said sales fell 0.8 percent month over month to an annual rate of 4.77 million units, the lowest since November. May’s sales were at a 4.81 million-unit rate.

Economists had expected sales to rise 2.9 percent to a 4.9 million-unit pace.

In related news, applications for home mortgages last week recorded the largest increase in four months.

The Mortgage Bankers Association (MBA) said its index of mortgage application activity, which includes both refinancing and home purchase demand, rose to 15.5 percent in the week that ended July 15. It was the largest increase since early March.

The MBA’s vice president of research and economics said in a statement that ongoing turmoil in the financial markets has had a hand in bringing mortgage rates to their lowest levels of the year.