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Long Island home prices, sales down

The government is seeking to reduce the

The government is seeking to reduce the role played by Fannie Mae and Freddie Mac in the housing market. Photo Credit: iStock

Home prices on Long Island and Queens sank 6 percent in December compared with the same month a year ago, according to the Multiple Listing Service of Long Island, which tracks the regional housing market.

The number of homes sold also fell last month.

The dip in prices was muted in Nassau County, where the median closing price in December 2011 was $385,000, 2.5 percent lower than a year earlier.

Across Suffolk County last month, prices fell 6.2 percent from December 2010, to a median price of $305,000. Also in Suffolk, the number of homes sold fell 12.7 percent to a reported 757 closings in December.

In Nassau, buyers closed on 711 homes last month, an 8.8 percent year-over-year drop.

A bloated residential real estate inventory on Long Island and in Queens, which can drag on home sales, did fall last month from a year earlier, but just .7 percent.

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