May’s Suffolk home prices were 10 percent higher than the year before — the biggest increase in a decade

Home prices across Long Island rose over the past year, according to the Multiple Listing Service of Long Island. Suffolk prices rose 10 percent — the county’s greatest year-over-year spike since 2005 — to a median price of $370,000. In Nassau, homes sold for an average $519,000, up 8.1 percent from the previous May, Newsday reported. Agents attributed the the island-wide rise to tight home supply, demand from first-time buyers and a general rush to snag low interest rates before they rise again.[Newsday]