Last month's weak sales pace saw the supply of homes available for sale jumping a record 46.6 percent to 8.5 months' worth, the highest in nearly a year, from 5.8 months' worth in April. However, the number of new homes on the market dipped 0.5 percent to 213,000 units, the lowest since November 1970.Below is CalculatedRISK's graph of monthly new home sales, Not Seasonally Adjusted. Click for larger image in new window.
CalculatedRISK also has a graph that shows new and existing home sales; the term "distressing gap" initially referred to distressed sales (foreclosures, short sales) that kept new home sales lower because the distressed sales were so much cheaper. Click for larger image in new window.
It looks like The Fed will leave interest rates unchanged for years, so here are some other things to read.