September 7, 2008
Home prices continue to fall on Long Island
The median closing price for Long Island home sales fell further in March, to $409,000 from $415,000 in February, according to the Multiple Listing Service of Long Island.
Prices have been falling for more than a year as the subprime mortgage fallout, rising energy prices and other factors weakened the economy. A year ago the median closing price was $445,000.
Some real estate agents believe the median will fall below $400,000 this year, to what closing prices were before the real estate boom got into full swing three years ago. The median in Nassau fell from $458,000 in February to $445,000 in March, according to MLS. Suffolk's rose a little, from $359,500 to $365,000. Queens' median dropped from $425,000 to $420,000.
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