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New home sales have been like a yo-yo the last two months, dropping more than 11 percent in April. The biggest decline in two years coming down from a surge in March when the sales space hit a near 10-year high.
The Commerce Department also reports the median price of a house also declined three percent in April from March. This after home builders broke ground on fewer new construction projects for the second straight month.
New home sales only make up about a tenth of the housing market.
The rest are considered existing or previously-owned homes.
Dave Anthony, FOX News.
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