Crystal Cox/Business Insider; Samantha Lee/Business InsiderExisting home sales in August reached their lowest level since May 2020, according to Redfin.Redfin says buyers are waiting to see if mortgage rates fall further as the Fed cuts interest rates.But the housing market has already priced in an aggressive cutting cycle, Redfin says.Buyers are back on the sidelines as they wait to see if mortgage rates fall further after , a Redfin report shows.Existing home sales fell 1% in August from July, reaching a seasonally adjusted annual rate of about four million, the report finds.