NY Housing Crisis: Home Sales Stall, Affordability Cripples LI Housing Market

"But with fewer homes overall than many of the other national markets, Long Island hasn’t seen much of the progress going on in the rest of the country. In the second quarter, closed home sales on Long Island dropped by 10.6%, falling from 5,184 in Q2 2024 to 4,634 in Q2 of this year, according to a new report... Long Island home sales declined year over year for the third time, well below normal levels," reported LI Business News.

"Long Island is also lagging in available listings and not seeing the rebound in supply as in other markets. Listing inventory declined annually for the third time, prompting bidding wars that were the third highest on record, according to the Miller Samuel/Douglas Elliman report. In the second quarter, there was 3.1 months’ supply of homes listed for sale on Long Island, significantly less than the 4.6 months’ supply nationally."

Note: "The median price of closed Long Island home sales in the second quarter was $725,000, up 8.2% from the $670,000 median price of Q2 2024. The single-family median sales price reached a new high for the fourth time in five quarters."