Long Island Buyers Motivated by Affordable Home Prices

West Babylon, NY - July 16, 2009 - (RealEstateRama) — The Multiple Listing Service of Long Island, Inc., (MLSLI) released June’s 2009 home figures reporting a $374,000 closed median home price for Long Island.  The latest housing figure representing a decrease of 10 percent over the $415,800 reported in June 2008.   Each of the three counties that make up the MLSLI system; Queens, Nassau and Suffolk, reported lower closed median home prices in June 2009 when compared to June 2008.

Nassau County reported a closed median home price of $415,000 in June 2009 as compared to $452,000 a year ago.  Suffolk County reported a closed median home price of $330,000 in June 2009, versus $383,000 last June.  Queens County, which is also covered by the MLS of Long Island, reported a closed median home price of $360,000 in June 2009 compared to $406,500 one year ago.

Residential inventory levels have been slowly declining.  MLSLI reported 32,934 available properties in June 2009, which represents a 13.5 decrease from one year ago.  As the inventory number declines, it results in a drop in supply.  The current supply is 10.1 months, which is down from 14.2 months last June.

According to Joseph E. Mottola, CEO of MLSLI, June housing figures continue to portray a market seeking to stabilize.  Mottola says, “Although home prices have come down, contracted and sales activity continues to climb.”  The decline in the median price is attributed to the sales coming from the lower, more affordable part of the market, which is seeing the most activity in recent months.  Mottola further explains, “Motivated buyers are taking advantage of lower prices, tax incentives and available financing, resulting in the 22 percent increase in new contracts reported in June 2009 versus 2008.”

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Press Release Contact:
Christina DeFalco
Public Relations & Communications Specialist
631-661-4800 Ext. 358
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The Multiple Listing Service of Long Island, Inc., (MLSLI) a subsidiary of the Long Island Board of REALTORS®, Inc.(LIBOR) is a computerized network of more than 2,500 participating real estate offices. For more information about the MLS, and Long Island real estate, visit our web site at www.mlsli.com.

 

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

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MBA - Mortgage Bankers Association