FOR IMMEDIATE RELEASE

January Closed Median Home Prices Lower

February, 2008 – West Babylon, NY - The Multiple Listing Service of Long Island, Inc., (MLSLI) released January 2008 home figures reporting a $417,500 closed median home price for Long Island. This figure represents a 4.6% decline from last January’s closed median which was $437,800. The last time Long Island reported a closed median home price lower than $417,500 was in April of 2005 when it was $415,000.

Looking at the figures by county, Nassau County experienced the smallest decline with a January closed median home price of $440,000, 2.2 percent less than a year ago when it was reported at $450,000. Suffolk County reported a closed median home price in January 2008 of $373,500, which represents a 6% decrease from a year prior when the closed median price was $397,500. Queens County experienced a significant decline in terms of closed median home prices in January with a reported figure of $438,000. This figure represents a 9.8 percent decrease from January 2007.

Joseph E. Mottola, CEO MLSLI said, “When comparing the numbers from a year ago – figures in all three counties continue to be off.” Mottola further notes, “Queens however, has shown steeper declines than the other two counties, especially in recent months.” His explains that this could be in part to the effects of the sub-prime mortgage issues, which seems to have had a greater impact on Queens’ homeowners. These homeowners in general maybe more committed to selling their homes, which results in more price concessions in that market.

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Press Release Contact:
Christina DeFalco
Public Relations & Communications Specialist
631-661-4800 Ext. 358

The Multiple Listing Service of Long Island, Inc. (MLSLI™) is a subsidiary of the Long Island Board of REALTORS, Inc. and operates as a computerized network consisting of 2,400 participating real estate offices throughout Nassau, Suffolk and Queens.  For more information on MLSLI™, visit our web site at www.MLSLI.com