Home Sales Up Over Last Year

Washington, DC, June 21, 2012 -- Home resales fell 1.5% in May as fewer cheap homes were sold, according to the National Association of Realtors.

NAR said sales in May reached a seasonally adjusted annual rate of 4.55 million, from an unrevised level of 4.62 million in April.

Compared to a year ago, sales were up 9.6%, the 11th straight month of year-on-year gains.

Median prices gained 7.9% year-on-year to $182,600, the highest since June 2010.