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Home prices rise on strong spring sales.

Byline: David Winzelberg

Long Island home prices rose last month, bolstered by brisk sales.

The median price of homes contracted for sale in Suffolk County last month climbed 6.8 percent, rising from $370,000 in April 2018 to $385,000 in April 2019, according to numbers from the Multiple Listing Service of Long Island.

In Nassau County, the median price of pending April home sales was $538,000, a 3.1 percent increase from the $522,000 median price recorded a year ago.

Pending home sales in Nassau and Suffolk counties in April were up nearly 10.2 percent year over year, climbing from 2,917 in April 2018 to 3,214 last month.

The market in Suffolk was particularly active last month. There were 1,869 pending Suffolk home sales in April, up a whopping 13.5 percent from the 1,646 pending sales recorded in April 2018.

In Nassau, there were 1,345 homes contracted for sale last month, an increase of 5.8 percent from the 1,271 homes contracted for sale in April 2018.

Inventory continues to rise. There were 12,472 homes in Nassau and Suffolk listed for sale with MLSLI at the end of April, 9.2 percent more than the 11,427 homes listed at the end of April 2018.

The listing inventory in Nassau continues to rise at a faster pace than in Suffolk. The number of homes for sale in Nassau is up 15.7 percent from a year ago, climbing from 4,982 at the end of April 2018 to 5,766 at the end of last month. Listing inventory in Suffolk increased 4 percent year over year, rising from 6,445 at the end of April 2018 to 6,706 at the end of April 2019.

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Publication:Long Island Business News
Date:May 13, 2019
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