Existing home sales drop in May - South Florida Business Journal:

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percent in May, according to figureas released Tuesday bythe . The residentia l market was on pace to close saleson 4.77 milliob units of existing homes, including singlee family houses, townhouses, condominiums and in 2009. That is 3.6 percent lower than the 4.95 millioj unit pace set in May 2008. The May figures showedx a modest uptickfrom April, when home s sold at an annual pace of 4.66 millionn units. NAR, based in Chicago, attributed the bump betweeh April and May to lower home pricex andan $8,000 federal tax credit for first-time home First-time buyers accounted for 29 percent of all 10 percentage points highet than a year ago. The markeg continues to favor buyers. There were 3.
8 millioh homes for sale in May, enough to satisfty demand for 9.6 well above the six-month level the NAR says indicatesx a market isin balance. In metro Portland, therwe were enough homes to meet demandfor 10.2 months in May, accordingh to the Regional Multiple Listing