Bloomberg News
U.S. 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.
It was the weakest May sales pace since 2009. The resale market, which historically makes up about 90% of total home sales, looks set to languish for the foreseeable future without some letup in financing costs or downturn in prices. Compared with a year ago, existing-home sales were down 4% on an unadjusted basis.
"The relatively subdued sales are largely due to persistently high mortgage rates," NAR Chief Economist Lawrence Yun said in a statement.
Read the full article (subscription required)