Finance

Rate of Homes Sold Rises 2.4% in May 

Sales of existing homes, including single-family, town homes, condos and co-ops, rose 2.4% in May to a seasonally adjusted annual rate of 4.77m units as the revised Home Valuation Code of Conduct took effect, altering the way homes are valuated. The sales rate is still 3.6% below the year-ago pace of 4.95m seen in May 2008, according to a monthly report released today by the National Association of Realtors (NAR).