Home sales hit a national 15-year low in July, with sales dropping by 27 percent, according to national numbers released Tuesday. Long Island housing officials aren't surprised.
"That dropoff was as expected," says Tricia Chirco, spokeswoman for the Multiple Listing Service of Long Island. "We have been anticipating a decline for the period immediately following [the] expiration of the home buyer tax credit, especially since the Long Island market reported historical high points in the area of pending or contracted sales during the second quarter this year that were mostly the result of smart buyers taking advantage of the tax credit.
Last month, although the median home price in Nassau rose slightly, the number of sales contracts signed on Long Island and Queens went down by 17.5 percent over July 2009, according to the Multiple Listing Service of Long Island.