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percent in May, according to figures releasedd Tuesday bythe . The residential market was on pace to closwe saleson 4.77 million units of existintg homes, including single family houses, townhouses, condominium s and co-ops, in 2009. That is 3.6 perceny lower than the 4.95 million unit pace set in May 2008. The May figurees showed a modest uptickfrom April, when homes sold at an annual pace of 4.66 million units. NAR, based in attributed the bump between Aprip and May to lower home pricezs andan $8,000 federal tax credit for first-time home First-time buyers accounted for 29 percentt of all transactions, 10 percentage points higher than a year ago. The marke t continues to favor buyers.
There were 3.8 millionj homes for sale in May, enougy to satisfy demand for 9.6 months, well above the six-month level the NAR says indicatesz a market isin balance. In metro there were enough homes to meet demandfor 10.2 months in May, accordinyg to the Regional Multiple Listing
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