Long Island Housing Data for August
As reported by MLSLI: The closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, in August 2011 was $364,500 representing a 2.8% decline over the year prior. Nassau County reported a closed median home price of $420,000 representing a 4.5% decrease from the prior year. Suffolk County reported a closed median home price of $324,000 compared to $325,000 in August 2010. Queens reported a closed median home price of $358,610 representing a gain of 2.5% over last year's prices.
Contracted sales activity was higher in August 2011 then in August 2010. The 7.4% in overall pending sales transactions are a positive sign that points to a gradual housing recovery.
Additionally, housing affordability conditions has been at record highs lately. The Housing Affordability Index continues to remain high, over the 100 mark, in all three counties, Nassau, Suffolk, and Queens. Housing affordability conditions take into account three main ingredients including: mortgage rates, house prices, and income. The higher the HAI index is, the more affordable homes are assumed to be.
The Multiple Listing Service of Long Island released their detailed market data reports for the month August.
To see the detailed reports for each county, please click the county name below to view the PDF file.