LI+home+sales+continue+to+lag+as+prices+hold+steady%C2%A0 - Long Island Business News
Posted
Real Estate, Architecture & Engineering Awards
David Winzelberg//June 6, 2023
AP photo by Ted Shaffrey
LI home sales continue to lag as prices hold steady
AP photo by Ted Shaffrey
David Winzelberg//June 6, 2023
Last month’s Long Island home sales continued to lag behind sales numbers from recent years as home prices remain firm.
There were 2,472 homes in Nassau and Suffolk counties contracted for sale last month, down 9.6 percent from the 2,732 Long Island homes contracted for sale a year ago, according to preliminary numbers from OneKey MLS.
Though slightly lower than last year, Long Island home prices are holding fairly steady. The median price of closed home sales in Nassau last month was $662,150, down 3.3 percent from the $685,000 median price recorded in May 2022.
In Suffolk, the median price of closed home sales last month was $550,000, down slightly from the $555,000 median price recorded a year ago.
The current inventory of available Long Island homes for sale has risen in recent months but is still historically low. There were 5,058 homes listed for sale as of Tuesday, 2,533 in Nassau and 2,525 in Suffolk. That’s more than the 4,844 homes listed for sale at the end of April but 16.4 percent fewer than the 6,053 homes listed for sale at the end of May 2022.
While some brokers say that comparing home sales to the frenzied buying that took place though the COVID-19 pandemic doesn’t reflect what’s happening in the current market, the number of pending Long Island home sales are still significantly lower than pre-pandemic levels. Last month’s 2,472 pending home sales are 21.2 percent lower than the 3,133 pending home sales recorded in May 2019.
Industry observers maintain that apples-to-apples comparisons of real estate statistics pose a challenge since there are so many variables, particularly mortgage rates, inventory levels and prices. For instance, the average mortgage rate for a 30-year fixed loan in May 2019 was about 4 percent, while this May the rate averaged well above 6 percent.
In addition to the mortgage rate disparity, the current number of homes on the market pales in comparison to four years ago. The inventory of available Long Island homes for sale in May 2019 was 13,147, about 160 percent more than the current supply of 5,058.
And of course, home prices have soared compared to pre-pandemic levels. The median price of closed Nassau home sales from last month is 25 percent higher than the $530,000 median price from May 2019. The median price of closed home sales in Suffolk from last month is 41 percent higher than the median price of $390,000 from May 2019.
Share this!
The 2,700-square-foot building is on .83 acres.
June 21, 2023
The three highest-priced home sales in Cedarhurst last month ranged from $300,000 to $1.3 million.
June 21, 2023
The three highest-priced home sales in Flanders last month ranged from $370,000 to $720,000.
June 20, 2023
The combined Discovery Center and esports league features activities from both XP League and Snapology.
June 20, 2023
The three highest-priced home sales in Oyster Bay Cove last month ranged from $1.25 million to $2.775 million[...]
June 20, 2023
A team of brokers from CBRE and Rechler Equity Partners earned top awards.
June 16, 2023
Get our free LIBN e-alerts & breaking news notifications!
While immigrants on Long Island comprise 19 percent of the population, they make up 23 percent of th[...]
Though the remnants of the pandemic still haunt some industries, most Long Island companies have rem[...]
Hiring may have slowed, but many college graduates on Long Island are finding a welcoming job market[...]
In the drive to expand the diversity of housing opportunities on Long Island, developers have been f[...]
Modern Northport continues to grow as a destination. Still, tradition runs deep in this former farmi[...]
The 2,700-square-foot building is on .83 acres.
New report shows economic impact of foreign-born Long Islanders
15/6/2023
Inked: Recent LI real estate deals
15/6/2023
How stress is damaging our workforce
8/6/2023
Inked: Recent LI real estate deals
8/6/2023
At Northwell, a new chair for its board of trustees
7/6/2023
Our mission at Long Island Business News is to be the vital business news and advertising source to Long Island’s most influential readers.
Get our free LIBN e-alerts & breaking news notifications!
Subscribe for access to the latest digital and special editions.
© 2023 BridgeTower Media. All rights reserved.
Use of this website is subject to its Terms of Use | Privacy Policy | Your California Privacy Rights/Privacy Policy | Do Not Sell My Info/Cookie Policy
source
David Winzelberg//June 6, 2023
AP photo by Ted Shaffrey
LI home sales continue to lag as prices hold steady
AP photo by Ted Shaffrey
David Winzelberg//June 6, 2023
Last month’s Long Island home sales continued to lag behind sales numbers from recent years as home prices remain firm.
There were 2,472 homes in Nassau and Suffolk counties contracted for sale last month, down 9.6 percent from the 2,732 Long Island homes contracted for sale a year ago, according to preliminary numbers from OneKey MLS.
Though slightly lower than last year, Long Island home prices are holding fairly steady. The median price of closed home sales in Nassau last month was $662,150, down 3.3 percent from the $685,000 median price recorded in May 2022.
In Suffolk, the median price of closed home sales last month was $550,000, down slightly from the $555,000 median price recorded a year ago.
The current inventory of available Long Island homes for sale has risen in recent months but is still historically low. There were 5,058 homes listed for sale as of Tuesday, 2,533 in Nassau and 2,525 in Suffolk. That’s more than the 4,844 homes listed for sale at the end of April but 16.4 percent fewer than the 6,053 homes listed for sale at the end of May 2022.
While some brokers say that comparing home sales to the frenzied buying that took place though the COVID-19 pandemic doesn’t reflect what’s happening in the current market, the number of pending Long Island home sales are still significantly lower than pre-pandemic levels. Last month’s 2,472 pending home sales are 21.2 percent lower than the 3,133 pending home sales recorded in May 2019.
Industry observers maintain that apples-to-apples comparisons of real estate statistics pose a challenge since there are so many variables, particularly mortgage rates, inventory levels and prices. For instance, the average mortgage rate for a 30-year fixed loan in May 2019 was about 4 percent, while this May the rate averaged well above 6 percent.
In addition to the mortgage rate disparity, the current number of homes on the market pales in comparison to four years ago. The inventory of available Long Island homes for sale in May 2019 was 13,147, about 160 percent more than the current supply of 5,058.
And of course, home prices have soared compared to pre-pandemic levels. The median price of closed Nassau home sales from last month is 25 percent higher than the $530,000 median price from May 2019. The median price of closed home sales in Suffolk from last month is 41 percent higher than the median price of $390,000 from May 2019.
Share this!
The 2,700-square-foot building is on .83 acres.
June 21, 2023
The three highest-priced home sales in Cedarhurst last month ranged from $300,000 to $1.3 million.
June 21, 2023
The three highest-priced home sales in Flanders last month ranged from $370,000 to $720,000.
June 20, 2023
The combined Discovery Center and esports league features activities from both XP League and Snapology.
June 20, 2023
The three highest-priced home sales in Oyster Bay Cove last month ranged from $1.25 million to $2.775 million[...]
June 20, 2023
A team of brokers from CBRE and Rechler Equity Partners earned top awards.
June 16, 2023
Get our free LIBN e-alerts & breaking news notifications!
While immigrants on Long Island comprise 19 percent of the population, they make up 23 percent of th[...]
Though the remnants of the pandemic still haunt some industries, most Long Island companies have rem[...]
Hiring may have slowed, but many college graduates on Long Island are finding a welcoming job market[...]
In the drive to expand the diversity of housing opportunities on Long Island, developers have been f[...]
Modern Northport continues to grow as a destination. Still, tradition runs deep in this former farmi[...]
The 2,700-square-foot building is on .83 acres.
New report shows economic impact of foreign-born Long Islanders
15/6/2023
Inked: Recent LI real estate deals
15/6/2023
How stress is damaging our workforce
8/6/2023
Inked: Recent LI real estate deals
8/6/2023
At Northwell, a new chair for its board of trustees
7/6/2023
Our mission at Long Island Business News is to be the vital business news and advertising source to Long Island’s most influential readers.
Get our free LIBN e-alerts & breaking news notifications!
Subscribe for access to the latest digital and special editions.
© 2023 BridgeTower Media. All rights reserved.
Use of this website is subject to its Terms of Use | Privacy Policy | Your California Privacy Rights/Privacy Policy | Do Not Sell My Info/Cookie Policy
source
