Note that existing home sales lag 1-2 months behind new home sales, because the latter is recorded when the offer is accepted, and the former when the property closes.

Also note that new home sales do not include cancellations, which are not a part of the stats generally.
New home sales fall more than expected in May.

May reading shows ongoing slump at start of key selling season; prices fall; April sales revised lower.
By Chris Isidore, CNNMoney.com senior writer
June 26 2007: 11:10 AM EDT

NEW YORK (CNNMoney.com) — New home sales posted a surprising drop at the start of the crucial spring selling season in May – the latest sign that the battered housing market could have a ways to go before hitting bottom.

The pace of new home sales fell 1.6 percent to an annual rate of 915,000 last month, the Census Bureau reported, from April’s 930,000 pace, which itself was revised lower. Economists surveyed by Briefing.com had forecast a rate of 925,000.

While sales picked up from the early part of the year, they tumbled 15.8 percent from May 2006 – marking the 18th straight month of year-over-year declines.