The National Association of Realtors released existing homes sales figures in the U.S. on Thursday. Sales of existing homes declined 3.3% to a seasonally adjusted annual rate of 5.04 million in April from 5.21 million in March.
March's figure was revised up from 5.19 million units.
Analysts had expected an increase to 5.24 million units.
The NAR chief economist Lawrence Yun said that April's reading was "the result of lagging supply relative to demand and the upward pressure it's putting on prices".
"With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes," he noted.