Home prices rise in Long Island and Queens

Home prices in 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.