From the WSJ:
Long Island home sales, which slumbered when the market perked up across the U.S., jumped in the third quarter to their highest level since 2006.
Sales also were up elsewhere across the region—New Jersey, Westchester County and New York City—at a time when home sales appeared to be cooling off nationwide.
Median prices also rose across most of the region, and the inventory of homes on the market shrank, suggesting prices may continue to increase at least in the near term, analysts said.
In one sought-after New Jersey suburb, Glen Ridge, a less than seven-week supply of homes remained on the market at the current sales pace, according to Jeffrey G. Otteau, a New Jersey appraiser and analyst and president of the Otteau Valuation Group. Nearby Montclair had a 2 1/2 -month supply.
Mr. Otteau said the region was just catching up to the housing recovery that had long bypassed the suburbs. He said the comeback showed the first signs of life in 2009 in Manhattan, where federal bailouts for banks “created a soft landing” for real-estate buyers. It then spread in 2010 to the Midwest and Northwest where manufacturing had surged.
“The housing rebound started later than the rest of the country and therefore it has longer to run,” he said. “The housing market is still strengthening.”
In New Jersey, Mr. Otteau said sales in September were up 9% over the previous September. Preliminary figures showed median prices were up 5.5% in the third quarter from the same period in 2012, the fourth consecutive quarter of price improvement.