For millions of home sellers, it’s been a hot summer but a chilly housing market.

Sales of previously occupied U.S. homes plunged last month to the lowest level in 15 years , despite the lowest mortgage rates in decades and bargain prices in many areas.

July’s sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.

The weak economy and high unemployment rate, a standoff between buyers and sellers over price and the expiration of government tax credits are all playing a role in keeping the housing market weak.

For home buyers, the glut of houses means they can be as picky as they please about everything from the home’s price to the neighborhood it’s in to whether they like the kitchen faucet.

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