FOR
IMMEDIATE RELEASE
Long Island Buyers Motivated by Affordable Home Prices
June, 2009 – West Babylon,
NY - The Multiple Listing Service of Long Island, Inc., (MLSLI) released June’s 2009
home figures reporting a $374,000 closed median home price for Long Island.The latest housing figure
representing a decrease of 10 percent over the $415,800 reported in June 2008.Each of the three counties that make
up the MLSLI system; Queens, Nassau and Suffolk, reported lower closed median
home prices in June 2009 when compared to June 2008.
Nassau County reported a closed median home price of $415,000 in June 2009 as
compared to $452,000 a year ago.
Suffolk County reported a closed median home price of $330,000 in June 2009,
versus $383,000 last June.Queens
County, which is also covered by the MLS of Long Island, reported a closed
median home price of $360,000 in June 2009 compared to $406,500 one year ago.
Residential inventory levels have been slowly declining.MLSLI reported 32,934 available
properties in June 2009, which represents a 13.5 decrease from one year ago.As the inventory number declines, it
results in a drop in supply.The
current supply is 10.1 months, which is down from 14.2 months last June.
According to Joseph E. Mottola, CEO of MLSLI, June housing figures continue to
portray a market seeking to stabilize.Mottola says, “Although home prices have come down, contracted and sales
activity continues to climb.”The
decline in the median price is attributed to the sales coming from the lower,
more affordable part of the market, which is seeing the most activity in recent
months.Mottola further explains,
“Motivated buyers are taking advantage of lower prices, tax incentives and
available financing, resulting in the 22 percent increase in new contracts
reported in June 2009 versus 2008.”
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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 particip
ating real estate offices throughout Nassau, Suffolk and Queens. For more information on MLSLI™, visit our web site at: www.mlsli.com.