Median home sales prices up on Long Island

Friday August 10, 2012 11:44 AM By Maura McDermott

Photo credit: iStock | The median home price was $370,000 in July 2012, up from $360,000 a year earlier and the highest reported closed median home price for Long Island since August 2010, the Multiple Listing Service of Long Island reported Friday, Aug. 10.

Homes sales prices on Long Island and Queens rose by 2.8 percent last month compared to July 2011, according to a new report by the Multiple Listing Service of Long Island.

The median home price was $370,000 in July, up from $360,000 a year earlier and the highest reported closed median home price for Long Island since August 2010, the service reported Friday. The median home price in Nassau was $407,000, a 1.7 percent decline from the previous July, while the median home price in Suffolk was $325,000, a 3.2 percent rise.

Sales activity was up by 7.4 percent last month compared to a year earlier, with 2,524 homes changing hands.

However, the median price of a home going into contract was $350,000, down 1.4 percent from a year earlier, the service reported. Many more buyers were signing contracts compared to last year; 2,849 sales went into contract last month, up 18.6 percent compared to the previous July.

The number of homes on the market – 29,160 – marked a 15.2 percent decline compared to last year.

Tags: Multiple Listing Service of Long Island , LI housing market