US Home Sales and Prices Show Mixed Trends Amid Market Constraints

U.S. home sales in May experienced their slowest pace since 2009, with sales down 0.7% year-over-year, despite a slight monthly increase. The market is hindered by affordability issues, with median home prices rising significantly faster than wages, and increased inventory favoring buyers. Condo sales are particularly weak, with a high number of sellers compared to buyers. Overall, price growth remains slow, and buyer activity is subdued due to economic uncertainties and high mortgage rates, though potential rate cuts later this year could boost sales.