Building approvals in Australia for the month of May fell at a faster than expected pace, data from the Australian Bureau of Statistics showed on Monday. On a seasonally adjusted basis, the total dwelling approvals fell by -5.20% on a month over month basis. The median forecast estimates was for a decline of -3.50%. The declines reversed April's gains of 3.30% increase on a month over month basis. This marks the first decline in three months. The data validates previous numbers from the HIA which showed that new home sales continued to decline at a steady pace.