Long Island sees spike in housing inventory and prices, per Elliman report

Inventory on Long Island rose sharply in the second quarter, but that didn’t stop prices from rising as well, according to a quarterly sales report for the region prepared by Douglas Elliman and appraisal firm Miller Samuel. Listing inventory in Nassau and Suffolk counties rose by 21.7 percent year-over-year, to 14,051, according to the report, marking the largest year-over-year increase in inventory in more than a dozen years. The average sales price was up 3.7 percent year-over-year, to $518,119, and the median sales price jumped 4.7 percent year-over-year, to $445,000. That means the median sales price for homes on Long Island haven’t fallen year-over year for 25 quarters in a row, per the report. Long Island had a total of 6,889 sales in the second quarter — a 1.9 percent increase from the same time last year — and homes spent an average of 73 days on the market, down from 75 days a year ago. Recent data from the Multiple Listing Service of Long Island found that home prices rose in June, amid a rise in inventory and a dip in sales. [Douglas Elliman]