Home sales up in May, but buyers face sharply rising prices
The May sales report released Wednesday by the National Association of Realtors shows a housing market unable to meet the demand from would-be buyers.
Sales edged up 1.1 percent in May to a seasonally adjusted annual rate of 5.62 million, a decent gain amid a relatively stable job market with a robust 4.3 percent unemployment rate.
The sales growth in these circumstances is a "testament to just how strong the draw of homeownership is right now," said Svenja Gudell, chief economist at the real estate firm Zillow.