U.S. housing data for May point to a modest pickup in activity but little relief from the broader slowdown caused by high borrowing costs. The National Association of Realtors said existing-home sales rose 0.8% from April to a seasonally adjusted annual rate of 4.03 million, the first increase in three months yet still close to historic lows. The median sales price climbed 1.3% from a year earlier to $422,800, the highest on record for May. Listings grew to 1.54 million, equal to 4.6 months of supply, but remain below pre-pandemic norms. Mortgage rates hovering near 7% continue to squeeze affordability even as inventories gradually rebuild. Forward-looking figures were slightly more encouraging. NAR’s Pending Home Sales Index, which tracks contract signings, rose 1.8% after a sharp April decline, beating economists’ expectations. At 72.6, the gauge was still 0.3% lower than a year earlier, underscoring the market’s subdued momentum. “The sluggish sales activity one can attribute essentially to affordability,” said NAR chief economist Lawrence Yun. Analysts expect the combination of elevated rates and record prices to keep demand constrained, though a gradual rise in supply could temper price gains later in the year.