Long Island home sales fell 12 percent last year 

The total value of homes that sold on Long Island last year dropped by 12 percent, according to the Multiple Listing Service of Long Island. For December, the median closing price was $425,000, down from $437,500 the previous year. “December inventory levels, while 12 percent higher than last December, are still lower than November 2007,” said Joseph E. Mottola, chief executive of the Long Island Board of Realtors. The number of homes on the market is increasing: 30,854 homes for sale in December, up from 27,446 the previous year.