– U.S. sales of new homes fell in May, according to figures released by the Commerce Department on Thursday, although the drop was smaller than most economists had predicted.

The report said sales of new homes fell 2.1 percent to a seasonally adjusted rate of 319,000 in May from the revised April rate of 326,000.

April figures had initially shown a jump to 323,000, marking the second month in a row of growth, and while economists had expected a drop, the 319,000 level in May is notably higher than the 305,000 most economists had predicted.

Despite the monthly drop in sales, the report showed an increase in the median price for a new home, which rose to $222,600 in May from the $217,000 median price in April.

The supply of new homes on the market continued to decline to a seasonally adjusted estimate of 166,000, eclipsing the previous record low of 172,000 set in April.

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