Real LI

Buying and selling real estate in the communities of Long Island

LI home sales surge by 41 percent, and prices tick up

Long Island?s housing market posted strong gains last

Long Island’s housing market posted strong gains last month, with sales surging by 41 percent compared to a year earlier, the Multiple Listing Service of Long Island reported Thursday, Nov. 14, 2013. (Credit: iStock)

Long Island’s housing market posted strong gains last month, with sales surging by 41 percent compared to a year earlier.

In Suffolk County, the median closed sale price was $331,145 in October, 5.1 percent higher than a year before, and 1,187 homes changed hands, a rise of more than 46 percent compared to a year earlier, according to a report released Thursday by the Multiple Listing Service of Long Island. Nassau County’s median price increased by 6.6 percent year-over-year, to $420,000, and the number of sales jumped by 36 percent, to 1,106.

Last year, superstorm Sandy struck on Oct. 29, delaying or canceling many home sales at the end of the month. Last October's storm-imposed delays could be skewing this year’s results.

However, the local housing market has been outperforming last year’s market for months, according to a Newsday analysis of listing service data. In Nassau County, home sales have risen year-over-year every month since April, and median prices have risen year-over-year since June. Suffolk County home sales and median prices have been making annual gains since March.

Tags: Multiple Listing Service of Long Island , real estate , housing

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