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New York

Home prices rise amid drought in Long Island housing inventory

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It’s a seller’s market in Long Island. Compared to January of 2016, there were 22 percent fewer homes for sale in Long Island last month, Newsday reported. In the same period, however, prices grew by more than 7 percent year-over-year. The number of sales also rose — 9.5 percent in Suffolk County and 4.9 percent in Nassau County. In fact, buying a home is now so competitive that many prospective homeowners are choosing not to negotiate the sticker price, according to Jerry O’Neill, owner of Coldwell Banker Harbor Light. [Newsday]

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