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On Long Island, home prices jump in June

Nassau and Suffolk home prices rose last month (home photo courtesy of Douglas Elliman).
Nassau and Suffolk home prices rose last month (home photo courtesy of Douglas Elliman).

Home prices rose last month on Long Island as the number of pending home sales dipped and inventory has continued to rise.

The median closed sale price climbed to $405,125 in Suffolk County, up 8 percent from June 2018, according to Newsday, which cited data from the Multiple Listing Service of Long Island.

While Suffolk’s luxury market has recently sagged, demand for affordably priced homes in Suffolk has surged, experts said.

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“I’ve been working with many buyers, and I have to make them understand if they really like the house, they have to make an offer over the asking price,” said Pablo Geymayr, who owns Universal Homes Realty in Brentwood. “Everybody wants to buy because rent is too high right now.”

Geymayr told Newsday that he has seen down payments as low as $10,000 and monthly mortgage payments as low as $3,000 on homes that would normally rent for $1,000 more.

Meanwhile, in Nassau County, the median closed sale price rose to $550,000, up 6 percent year-over-year in June. Many of the homes sold in the county were priced between $500,000 and $700,000, but the number of trades at higher prices dwindled, said Nick Sakalis of Coldwell Banker Residential Brokerage in Syosset.

“It’s a very balanced market,” Sakalis told the outlet. “A lot of the sellers that were kind of fishing and looking for over-the-top, overpriced numbers for their homes are kind of coming down to earth and coming down to where they need to be.” [Newsday]