National home sales dipped again in May.

They only fell 0.1% compared to April, but it once again sets a new five-year low for Canada.

Compared to last year at this time, the dip is far more noticeable, as activity in May 2018 was down 16.2% compared to May 2017.

Photo Credit: CREA

May 2018 also came in 5.5% below the 10-year average for the fifth month of the year, a seven-year low for the month.

One area where numbers did rise from April to May is in the number of newly listed homes, which saw a bump of 5.1%.

However, the May 2018 numbers for newly listed home were still below the numbers from May 2017.

Along with these statistics, the Canadian Real Estate Association (CREA) has also provided its insight on what the next few months could hold for national home sales.

Whether it starts in June or a little bit later, the CREA expects home sales to start rebounding strengthen modestly in the second half of 2018.

This comes as the housing market uncertainty diminishes following changes to mortgage rules, which were announced in October 2017 and implemented on Jan. 1, 2018.