Redfin reports that housing payments have fallen to their lowest level since January, but home sales continue to decline.

(NASDAQ: RDFN) — The average monthly housing cost in the U.S. fell to $2,534 in the four weeks ended Sept. 1, the lowest since January and nearly $300 below April's all-time high, according to a new report from technology-based real estate brokerage Redfin (redfin.com). Housing costs are falling because average weekly mortgage rates have fallen to their lowest in a year and a half, even as home prices remain near record highs.

However, falling housing payments have not yet led to an improvement in home sales. Home sales fell 8.4% year-over-year, the biggest drop in nearly a year. Some prospective homebuyers are holding off because they can't afford to buy yet and are waiting for mortgage rates to drop further. Redfin agents also report that some buyers are waiting for more clarity on what the new NAR rules mean for agent fees, and others are waiting to buy until after the presidential election.