Sticker shock endures for Long Island homebuyers as prices continue to soar across the region.
Citing data from local listing service OneKey MLS, Newsday reports that median home prices in Nassau and Suffolk Counties jumped 22 percent and 19 percent year-over-year in July to $670,000 and $525,000, respectively.
While the price of median home sales went up from the height of the pandemic a year ago, the balance of power could be shifting back to buyers. For the past three months, homes going into contract on Long Island have been experiencing a downward trend in terms of median price, the data indicates.
While inventory remains tight, the amount of homes for sale last month increased 0.3 percent month-over-month in Nassau and 4.5 percent in Suffolk. The number of homes going into contract, meanwhile, fell by 11 percent in Nassau and 6 percent in Suffolk last month.
Still, inventory remains less than ideal for the market. With July’s pending sales considered, it would take 2.7 months to sell all marketed homes in Nassau and 2.1 months to do the same in Suffolk. A five-to-eight month supply of homes available is considered healthy and balanced for the market.
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[Newsday] — Holden Walter-Warner