"Sales of existing homes rose slightly more than expected in May as home buyers responded to plummeting home prices, according to an industry trade group.
The National Association of Realtors (NAR) said Thursday that the number of existing homes sold during May rose 2% to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April.
Sales were 16% below the 5.93 million-unit pace in May 2007, the report showed. Thursday's report marks only the second time in 10 months that sales have increased."
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Existing home sales up for 2d time in 10 months
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