Sales of previously owned homes in the US experienced a minor uptick in May, yet the housing market remains sluggish due to affordability challenges. According to data released by the National Association of Realtors, contract closings increased by 0.8%, reaching an annualized rate of 4.03 million. This marks only the second increase this year and falls slightly above the median forecast of 3.95 million from a Bloomberg survey of economists.
The modest rise indicates ongoing struggles within the housing sector, as high prices and limited inventory continue to weigh on buyer demand. Despite the slight improvement, the market remains constrained, reflecting broader economic pressures on consumers.
— news from Bloomberg.com
— News Original —
US Home Resales Stay Sluggish on Affordability Constraints
US previously owned home sales rose slightly in May to a still-sluggish pace that continues to show a housing market constrained by poor affordability.
Contract closings increased 0.8% to an annualized rate of 4.03 million last month, just the second advance this year, according to data released Monday by the National Association of Realtors. That compared with the 3.95 million median estimate in a Bloomberg survey of economists.