According to Altos Research’s 10-City Composite Price Index, May saw a 0.2 percent increase in the median sales price of single-family existing homes. It was the first increase since July 2009 and 6.1 percent below last year’s peak. The index is based on prices in Denver, Washington D.C., Boston, Chicago, Los Angeles, San Francisco, San Diego, New York, Miami, and Las Vegas. Altos also reports that national inventory is 10 percent lower year-over-year but has been growing throughout the spring. More here and here.