May’s New-Home Sales Experience Expected Dip After April Spike

May 2016 is the second best month since 2008, with April 2016 being the best.

After a huge jump in April, the number of new-home sales experienced an expected decline in May 2016.

The U.S. Department of Commerce announced on Thursday that the sales of new single-family houses were at a seasonally adjusted rate of 551,000, which is 6% below April’s rate of 586,000 and 8.7% above May 2015’s estimate of 507,000.

The average sales price of the new homes was $358,900, while the median price was $290,400, the U.S. Department of Commerce said. Meanwhile, the seasonally adjusted estimate of new houses for sale at the end of May was $244,000.

April’s 586,000 new homes were the most sold in a month since 2008. May’s mark is the second highest.

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