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New-home sales unexpectedly tumbled by 6.8 percent in June, dipping from May's revised 517,000 units to 482,000 annualized units, according to an analysis of U.S. Census Bureau data by NAFCU Research Assistant Yun Cohen.

Writing in a NAFCU Macro Data Flash, Cohen reported that the Census Bureau also revised downward April and May sales by 11,000 and 29,000, respectively.

"The number of homes sold that were under construction was down 16.3 percent from May and was the lowest since August of last year," she said. "The unexpected decline was a departure from recent data that shows an upwardly trending housing market and may be partially due to lack of inventory."

Sales slowed in three out of four regions in June. The West declined 17 percent, followed by the Midwest (-11.1 percent) and the South (-4.1 percent). Sales improved 28 percent in the Northeast.

On the bright side, all four regions saw an increase in year-over-year sales.

There were 5.4 months of supply in June, up from 4.8 months in May. The number unsold homes was up 8.6 percent on a year-ago basis. The median price of a new home, $281,800, was 1.8 percent lower compared to a year ago.

Despite the drop in new-home sales, Cohen said the "outlook remains positive as job growth and low interest rates help to support demand in housing."