The seasonally adjusted pace of existing-home sales in the U.S. slipped 3.3 percent in April to 5.04 million sales, down from an upwardly revised pace of 5.21 million sales in March which was the highest annual pace since September 2013. The current pace remains 6.1 percent higher versus the same time last year, down from 10.4 percent higher on a year-over-year basis in March.

At the same, the inventory of unsold homes on the market across the country increased 10.0 percent to 2.21 million homes, roughly 1 percent lower than at the same time last year.

Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.16 million sales in March, which is 6.4 percent higher than at the same time last year.

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