Long Island sees ‘seller’s market’ as home prices jump, inventory dips

Home prices on Long Island were up last month, but inventory was down, Newsday reported. The median sale price in Suffolk County increased by 5.7 percent year-over-year, to $401,750, and the median sale price in Nassau County was up by 1.4 percent year-over-year, at $532,250, the outlet reported, citing data from the Multiple Listing Service of Long Island. But Suffolk and Nassau counties also saw 6.5 percent and 3.2 percent drops in the number of homes on the market year-over-year, respectively. “It’s frustrating for the agents, it’s frustrating for the buyers. It’s just definitely a seller’s market,” Signature Premier Property associate broker Jerry O’Neill told the outlet. [Newsday]