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New-home sales in May fell 6 percent, but the April surge meant May sales were still stronger than in any other month since early 2008.

NAFCU Research Assistant Yun Cohen reported that May sales numbers were up 8.7 percent from a year ago. April sales were revised downward to 586,000 annualized units but still represent the fastest sales pace since February 2008.

"Inventory rose strongly as more homes that were not yet started by builders became available," Cohen wrote. "In addition, the number of homes sold where construction has not yet started rose to a 9-year-high in May. These improvements could help alleviate the supply side constraint and give buyers more options. However, the inventory shortage will likely persist for the near future.

"Overall, the housing market outlook remains positive in light of labor market strength, low mortgage rates and high rental prices," she continued.

The median new-home price, non-seasonally adjusted, dropped from a record high of $320,200 in April to $290,400 in May – up 1.0 percent from a year before.