Resales of Homes Drop 3.4%

Associated Press

The sale of existing homes declined 3.4% last month and the median price posted its biggest annual increase in nearly six years, the National Assn. of Realtors said today.

Existing homes were sold at a seasonally adjusted rate of 3.45 million units last month, down from the 3.57 million pace of April, but 13.5% higher than the rate posted during May, 1985, the association said. The median price of existing homes increased $4,200 from April to May to $84,400.