Local home prices show signs of stabilizing, but sales are slow, according to data recently released by the Multiple Listing Service of Long Island. Home prices stayed flat in Suffolk and inched up in Nassau this September compared to last September.
The median closed sales price last month was $370,500 – a 2.2 percent gain from the same period in 2009, the report said. Nassau’s median price was $410,000, up from $400,000 the year before. There was no year-over-year change in Suffolk – the median price for September remained at its 2009 level of $335,000.
This comes on the heels of a Zillow report indicating the area saw fewer reductions in asking prices over the summer. In Nassau, 4.2 percent fewer homes on the market had a price reduction in August than in July, and reductions were down 9.4 percent from a year before. In Suffolk, the month-over-month decrease in price reductions was 6.9 percent, and there were 12.2 percent fewer reductions compared to last August.
While the news on pricing was modestly encouraging for sellers, it doesn’t mark a major turnaround -- the number of home sales dipped from 2,550 last September to 2,121 last month. “Buyers remain in control of this market,” said Joseph Mottola, chief executive of MLSLI in a statement.