Long Island Home Buying Activity Moderate through November

November home buying activity on Long Island, which includes Nassau, Suffolk, and Queens, held about even with last year's pace according to the Multiple Listing Service of Long Island, Inc.

The November 2010 housing statistics released by MLSLI reported 2,170 contracted home sales in November, representing a slight 0.6 percent decrease from a year ago. Contracted home sales data is considered a forward looking indicator.

Lawrence Yun, Chief Economist for the National Association of REALTORS® said excellent housing affordability conditions are drawing home buyers. "The housing market clearly is in a recovery phase, but the improving job market and consequential boost to household formation will help the recovery process going into 2011," he said.

The Long Island closed median home price of $367,000 reported in November 2010 by MLSLI, represents a 1.9 percent increase over $360,000 reported a year ago. The Long Island closed median home price takes into account sales in Nassau, Suffolk, and Queens.

Nassau County reported a November 2010 closed median home price of $399,500, representing a 1.4 percent decrease over last year.

Suffolk County reported a closed median home price of $320,000 compared to $330,000 a year prior, which represents a 3 percent decrease.

Queens reported a closed median price of $392,000 for November 2010, representing a 12 percent increase year prior.

Inventory of available residential properties on the MLSLI system increased by 2.7 percent to 32,681 compared to a year ago. However, November's inventory level is still slightly less than the 32,822 properties reported in October 2010.

-Reprinted from Multiple Listing Service of Long Island, Inc. press release.