Home prices in Suffolk and Nassau counties inched up in July, MLS report finds

Nassau County’s median home prices increased annually by 3.8 percent up to $540,000 last month, according to the Multiple Listing Service of Long Island. Suffolk saw similar gains, up 6.8 percent to a median price of $390,000. Compared to 2008 when there were approximately 32,000 listings on the market across the two counties, today there are just 13,000 and fewer listings have forced buyers into bidding wars that’ve pushed up prices, insiders said. These gains have outpaced wage growth and in both counties, the typical resident can’t buy a home on one salary alone. [Newsday]