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million homes were sold in May, markinh the first consecutive monthly increase sinceSeptember 2005. Salez rose 2.4 percent from April, but that fell shorr of the 2.8 percent economists polled by Thompsoh Reutershad predicted. Saless were 3.6 percent off the 5 millionh homes sold inMay 2008, the NAR said in a release. Lawrencre Yun, chief economist for the Chicago-based NAR, said first-time home buyers drawn by the federal government’ws $8,000 tax credit are boosting But, he added, poor appraisalx are slowing the completionof deals.
“Pendintg home sales indicated muchstrongetr activity, but some contracte are falling through from faultyt valuations that keep buyers from gettinhg a loan,” Yun said in the release. Totakl housing inventory was 3.8 million or a 9.6-month supply, down 3.5 percen t from April. The median existing-home price was $173,000, down 16.8 percen from last year. Distressed and foreclosee properties, which sell at a discount, are distorting the pricer figures, the NAR said. Existing home sales in the Midwestt were up 9 percentin May, to 1.1 million, but down 4.4 perceny from May 2008, according to the release. The media sale price was $145,800, down 10.
4 percent from last
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