Existing home sales fell to their lowest level in 14 years in September, despite mortgage rates hitting their lowest level in over a year last month.

Existing home sales in September fell 1% to a seasonally adjusted annual rate of 3.84 million, the National Association of Realtors reported on Thursday. That is lower than economists had expected and raises alarms about the state of the housing market. Home sales are still down 3.5% compared to a year ago.