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Survey: LI home sellers budging less often on price

The National Association of Realtors said Thursday, July

The National Association of Realtors said Thursday, July 19, 2012, that sales of previously occupied homes fell 5.4 percent in June. Photo Credit: AP

More sellers have put their foot down and refused to budge on their asking price, according to data released by Zillow today. In Nassau, 4.2 percent fewer homes had a price reduction in August than in July. The total percentage of listed homes that had price reductions in August was 28.03, down 9.4 percent from a year before. In Suffolk, the month-over-month decrease in price reductions was 6.9 percent. A total of 25.7 percent of listings were reduced this August -- 12.2 percent fewer reductions compared to last August.

Zillow's estimate of the market value of a home in Nassau dipped 0.2 percent from July to August, while those in Suffolk inched up 0.3 percent in the same time period, according to Zillow. For the second quarter, Nassau saw a 0.3 percent decline, while Suffolk’s home values climbed 0.6 percent from the previous quarter, the site also found.

Despite Suffolk’s recent modest gains, home values are still down 3.2 percent, from $360,000 last August to $348,000 this August. The median home value in Nassau this August was $406,500, down 1.3% from last year’s $412,000.

Statewide, the year-over-year dip in home values was 1.6 percent, from $262,000 last August to $258,100 this August.


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