Long Island home prices drop, report says

Long Island home prices fell by nearly 1 percent in May compared to the same period a year ago, according to a report released Monday by a national data provider.

The decline was slightly greater – 1.4 percent – when distressed sales such as foreclosures were not included in the calculations, according to CoreLogic’s latest “home price index” report, which reflects its analysis of repeat sales data and other information.

Meanwhile, home prices rose by 2 percent nationwide during the same period, CoreLogic reported.

The CoreLogic findings are similar to those described in a report last month by the Multiple Listing Service of Long Island. The service found that median home prices in Suffolk County fell by 2.5 percent, to $304,750, in May compared to the same period in 2011, while Nassau County prices ticked up by 0.4 percent, to $394,750.

Long Island home prices are likely to remain depressed as a long-anticipated wave of foreclosures hit the market over the next 18 months or so, according to local real estate experts.