LI median home sale price up slightly in July

Last month's median home price of closed sales in Long Island and Queens increased slightly to $380,000, up from July 2009's median price of $373,000, the Multiple Listing Service of Long Island said Tuesday.

In Nassau County, the July median closing price was $435,000 - a 6.1 percent increase compared with the same period last year. In Suffolk County, the July median closing price fell 2.1 percent, sliding from $349,000 in July 2009 to $341,500 last month. The median closing price in Queens remained the same as it was in July 2009 at $355,000.

Last month's number of contracts signed for home sales on Long Island and Queens dipped 17.5 percent compared with July 2009, as many would-be summertime buyers accelerated purchases to take advantage of an expiring tax credit, the Multiple Listing Service of Long Island said.

A federal homebuyers tax credit of up to $8,000, which has since expired, was "very effective in stimulating the housing market," the service said. The tax credit initially applied to sales that went to contract by April and closed by June 30, so many buyers who might have bought later in the summer sped up their purchases in order to take advantage, the organization said. The closing deadline was extended to midnight Sept. 30.

July saw 2,386 purchase agreements signed - the step before closing a home sale - compared with 2,886 in July 2009.

"To sum up the local housing market, would be to say that it is really trying to hold its ground until the job situation improves," said Joseph E. Mottola, chief executive of the Multiple Listing Service of Long Island. "Only after the employment picture begins to brighten will a stronger demand for housing be restored."