My really good friend and I have recently, meaning the last two weeks, been hanging out a lot less. I think the reason for this is because he finally started dating this girl he really likes. Don't get me wrong I'm happy for him. His happiness is important to me, the loss of contact is just harder than expected . He and I would talk everyday via in-person, text, phone, or online chat. A good friend would back off and let him enjoy this beginning part of the relationship, but I'm slightly selfish. I want little time too. But I'm afraid to ask him a questions like, Why don't we hangout anymore? Or I need time too? Help?

Good friends should have the communication skills that make letting the other party involved aware of your feelings without causing problems.

Just as you are aware that giving him some room as he is building his relationship is good for him (even if he didn't tell you this you are intelligent and perceptive enough to know it) and you are doing it.

In his situation he may be too wrapped up in the new girl to be as perceptive as you are about feelings and a gentle reminder may be in order and possibly even appreciated . A good friend will realize you may be a little selfish but will accept it as a part of you . This I think you will find an easy fix with communication between friends .
That's what friends are for.. . And to borrow stuff from.

Unfortunately, when ever there's a new girl/boyfriend on the scene, with who ever it may be,friends always get put to one side for a while.We've all done it,thinking that our frienships will never go, they'll always be there for us.

When a relationship is fresh and new everything seems rosy,but as time goes by,more often than not, these relationships don't always last for very long.

This is when friends come in, always ready to give moral support.This is not how it should be,but in a new relationship it's how it always is,once it settles down and the novelty has warn off a bit your friend will gradually come back to you without any prompting.

Bide your time, and make new friends, and things to do for a while. Friends should understand when friends are busy, or occupied with their own love life.

Give him time.