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Long Island median home sales prices down

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Local home prices fell further in January, sinking 5.6 percent across Long Island and Queens, according to a regular monthly report from the Multiple Listing Service of Long Island, which tracks the regional housing market.

From January 2011 to January 2012 in Nassau County, median home sales prices fell 6.1 percent, from $410,000 to $385,000. Median closing prices in Suffolk slipped below the $300,000 threshold over that period, falling 5.2 percent, from $313,000 to $296,800, last month.

One positive sign: Contracted sales in January were up 17.8 percent over January 2011, suggesting that sales may gain steam in coming months. But Long Island's available inventory of homes remained bloated, falling just 1.4 percent year over year.

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