Washington, Ramadan 18, 1437, Jun 23, 2016, SPA -- Sales of new U.S. single-family homes fell sharply in May from a more than eight-year high the previous month, but the overall housing market remains healthy, the government reported Thursday. The Commerce Department said new-home sales fell t6 percent to an annual rate of 551,000 units. April’s sales pace was revised lower to 586,000 units, still the highest since early 2008. Sales of new homes account for about 9 percent of the U.S. housing market. Despite the May decline, new-home sales were up 8.7 percent from a year earlier. April’s jump in sales was considered unsustainable by economists, and May’s decline left sales at a level believed consistent with the health of the housing market. The overall housing market is gaining momentum, with a report Wednesday showing home re-sales rose in May to a more than nine-year high. New-home sales are likely to benefit from a chronic shortage of previously owned houses available for sale. The housing market is being supported by a strengthening labor market, which finally is beginning to lift wages, as well as very low mortgage rates. --SPA 20:41 LOCAL TIME 17:41 GMT www.spa.gov.sa/w