Yesterday's lousy new home sales number and the supply effect

New homes available for sale are at their lowest level since 1971.

The data come from http://www.census.gov/const/www/newressalesindex_excel.html


Population in the US in 1971 was about 2/3 the current population. Maybe nothing is selling because there is nothing to sell. It is hard for me to see how construction doesn't make a come-back this year.