Long Island home sales slow in September

Rising mortgage rates and an increase in supply slowed down home sales on Long Island in September, according to LIBN. There were 2,361 homes contracted for sale, down from the 2,489 during the same period last year. That’s about a five percent drop. The drop from August is more dramatic. There were 3,099 pending home sales in August, making it about a 23.8 percent drop. Brokers said the downturn is because of weakening demand and climbing interest rates. Inventory is also higher. There were 12,725 homes listed for sale as of Oct. 8. That’s 5.2 percent more than the number of homes listed at the end of September 2017. [LIBN]