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LI home sales, prices rise as supply drops

Housing stock is down on Long Island.

Housing stock is down on Long Island. Credit: iStock

Long Island's supply of homes for sale is at its lowest level in at least two years, by one measure.

It would take just under five-and-a-half months to sell all 6,988 homes listed in Nassau County at the current pace of sales, according to a Newsday analysis of data supplied by the Multiple Listing Service of Long Island. In Suffolk County, it would take almost eight months to sell all 10,271 homes at the current pace of sales.

By contrast, a year ago there was an almost eight-month supply in Nassau and a nearly 11-month supply in Suffolk County.

A healthy housing market has about a six- to eight-month supply, say brokers.

The scarcity of homes has given prices a boost, said Barbara Wanamaker, an associate broker with Douglas Elliman in Huntington.

The median sales price rose by 8.7 percent in Suffolk County, to $347,750, and in Nassau County the median sales price rose by 2.3 percent, to $445,000, the listing service reported Friday. The number of home sales rose by 16 percent last month compared to August 2012.

August marked the sixth straight month of year-over-year home sales and price increases in Suffolk County. Nassau County has seen five straight months of annual home sales gains, and three months of upticks in prices.

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