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percent in May, according to figures released Tuesday bythe . The residential markey was on pace to close salesaon 4.77 million units of existing homes, includinyg single family houses, townhouses, condominiums and co-ops, in 2009. That is 3.6 perceng lower than the 4.95 million unit pace set in May 2008. The May figurew showed a modest uptick from when homes sold at an annual paceof 4.66 million NAR, based in Chicago, attributed the bump betwee April and May to lower home prices and an $8,00 federal tax credit for first-timre home buyers. First-time buyers accounted for 29 percent of all 10 percentage points higher than ayear ago. The markert continues to favor buyers. There were 3.
8 million homess for sale in May, enough to satisfy demand for 9.6 well above the six-month level the NAR says indicate s a market isin balance. In metro there were enough homes to meet demanfdfor 10.2 months in May, accordingf to the Regional Multiple Listing
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