Although the pace of new home sales turned lower last month, the supply of homes available for sale was the greatest in nearly eight years.

There were 54,000 new U.S. single-family residences that were sold during April, fewer than an upwardly revised 61,000 the preceding month.

But despite the month-over-month decline, activity held up compared to the same month last year, when a downwardly revised 55,000 units sold.

Source: Mortgage Daily