However, the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 9.3% over the last year.
The average house price across the East Riding in May was £216,802, Land Registry figures show – a 0.2% decrease on April.
Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased 2.1%, and the East Riding was lower than the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in the East Riding rose by £18,000 – putting the area 17th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.
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The highest annual growth in the region was in Craven, where property prices increased on average by 18.2%, to £275,000.
At the other end of the scale, properties in Harrogate gained 7.4% in value, giving an average price of £326,000.
Activity is starting to slow, with soaring inflation putting household budgets under pressure.
Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.
“However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August.”
Owners of flats saw the biggest fall in property prices the East Riding of Yorkshire in May, – they dropped by 0.6%.
First-time buyers in the East Riding of Yorkshire spent an average of £178,000 on their property – £15,000 more than a year ago, and £38,000 more than in May 2017.
By comparison, former owner-occupiers paid £244,000 on average in May – 36.9% more than first-time buyers.
Buyers paid 5.8% more than the average price in Yorkshire and the Humber (£205,000) in May for a property in the East Riding of Yorkshire. Across Yorkshire and the Humber, property prices are higher than those across the UK, where the average cost £283,000.
The most expensive properties in Yorkshire and the Humber were in Harrogate – £326,000 on average, and 1.5 times as much as more than in the East Riding of Yorkshire.
Harrogate properties cost 2.5 times as much as homes in Hull (£133,000 average), at the other end of the scale.
Average property price in May
The East Riding of Yorkshire: £216,802
Yorkshire and the Humber: £204,835
Annual growth to May
The East Riding of Yorkshire: +9.3%
Yorkshire and the Humber: +12.6%