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LI home sales spike in July, as inventory drops

With inventory dropping and buyers jostling for the

With inventory dropping and buyers jostling for the most desirable homes, Nassau County's median price increased by 7.5 percent, to $435,000, and Suffolk County's median price rose by 3.1 percent, to $335,000. (July 30, 2013) Credit: Getty Images

Long Island home sales surged in July and prices ticked up, as the number of homes for sale continued to fall.

Nassau County saw a 23 percent year-over-year jump in the number of homes changing hands, with 1,174 homes closing last month, according to a report Wednesday by the Multiple Listing Service of Long Island. In Suffolk County, there were 1,221 home sales last month, a nearly 22 percent rise compared to the previous July.

With inventory dropping and buyers competing for fewer homes, Nassau County’s median price increased by 7.5 percent, to $435,000, and Suffolk County’s median price rose by 3.1 percent, to $335,000.

The supply of homes -- as measured by the number of months it would take to sell all listed homes, at the current pace of sales -- has been dropping for five straight months in both counties. In fact, the market now seems to be roughly balanced between buyers and sellers.

Last month, Nassau County had slightly more than a six-month supply of homes, down from nearly 10 months in July 2012. Suffolk had an 8.4-month supply last month, compared to 12 months a year before. A healthy housing market has about a six- to eight-month backlog of homes, according to brokers.

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