Having ticked up a downwardly revised 2.0 percent in March, the seasonally adjusted pace of new single-family home sales in the U.S. slipped 1.5 percent in April to annual pace of 662,000 sales but remains 11.6 percent higher on a year-over-year basis and 1.7 percent above the long-term average for this time of the year.

At the same time, the number of new single-family homes for sale across the county inched up from 298,000 to 300,000, which is the most available inventory since the second quarter of 2009, 12.4 percent higher than at the same time last year, and within 3 percent of the long-term average for new home inventory levels over the past 55 years.

And having jumped a downwardly revised 14.4 percent in March, the annual pace of new single-family home sales in the west slipped 7.9 percent in April to 176,000 transactions but remains 18.9 percent higher versus the same time last year.

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