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.