From LI Business News:
The median prices of Long Island homes contracted for sale in July dropped as the number of sales also declined as compared with the previous month.
In Nassau County, the median price of pending home sales fell to $450,000 last month, a 7.2 percent decrease from the $485,000 median price recorded in June, according to a preliminary market report from the Multiple Listing Service of Long Island. The median price of homes contracted for sale in Suffolk County dipped last month as well, but only slightly. Suffolk’s median price of pending sales in July was $345,000, down just 0.06 percent from the $347,000 median price recorded in June.
However, home prices have risen slightly when compared with a year ago. In Nassau the median price of homes contracted for sale in July is up 1.1 percent from the $445,000 median of July 2015. In Suffolk, the median price for pending home sales last month is up 3.9 percent from the $332,000 median recorded in July 2015.
The number of pending Long Island home sales also fell in July, after six straight months of year-over-year gains in 2016. There were 2,576 homes contracted for sale in Nassau and Suffolk counties last month, a drop of nearly 4.5 percent from the 2,696 pending sales recorded in July 2015. Nassau saw the biggest drop in pending sales last month with a 7.5 percent year-over-year decline.