Existing home sales plunged sharply in July to their lowest level in 15 years, the National Association of Realtors reported Tuesday. The fall was for a third consecutive month as attributed to the expired homebuyer tax credit.

The National Association of Realtors report showed that existing home sales sank 27.2 percent in July last month to a seasonally adjusted annual rate of 3.83 million units, down from the downwardly revised rate of 5.26 million in June. Annually, year-over-year sales were 25.2 percent below last year’s level.

Home sales have been in a continuous decline despite mortgage rates falling to record lows. The homebuyer tax credit has expired and homebuyers become more concerned about the value of homes which remained flat in the past year and unemployment rate is stuck at 9.5 percent.