Long Island home prices inch up in August amid low inventory and fears of rising interest rates

It’s a particularly rough time to be in search of a home to buy on the island. Nassau county homes sold for a median of $550,000 in August, a 7.4 percent increase from the same time a year before, Newsday reported. Suffolk home prices rose nine percent to a median price of $405,000 over the same period, according to data compiled by the Multiple Listing Service of Long Island. But there’s a bit of a silver lining: while in August, Nassau had 5,421 homes hit the market, which is low in historical terms, that’s still up eight percent from August 2017. Rising interest rates have driven some to buy before borrowing rates climb any higher, experts told the outlet. [Newsday]