FOR IMMEDIATE RELEASE

Real Estate Market Update Year End Report - 2016 Long Island Median Home Prices Up


The Multiple Listing Service of Long Island, Inc. (MLSLI) released the 2016 year-end housing figures for Long Island, which includes Nassau, Suffolk, and Queens Counties.   MLSLI reported a $403,650 closed median home price for Long Island in 2016.  The closed median home price represents a 3.5 percent increase over $390,000 reported for 2015.

Suffolk County reported a year ending closed median home price of $335,000, which is a 1.5 percent increase from $330,000 reported for 2015.  In Nassau County, the 2016 closed median price for a home was $460,000, representing a 5.1 percent increase from 2015.  Queens County experienced the largest increase in terms of 2016 closed median home prices with a reported figure of $460,000, which is 9.5 percent greater than 2015.

Long Island closed sales activity reported a total of 37,502, which is an 8.2 percent increase from 2015.  Long Island contracted sales activity in 2016 had an 8.4 percent increase from 2015, with a total of 39,590.  

Nationally existing-home sales finished out 2016 as the best year since the housing boom days, the National Association of REALTORS® reported Tuesday.

Total existing-home sales – which are completed transactions that include single-family homes, townhomes, condos, and co-ops – closed 2016 at 5.45 million sales, surpassing 2015 (5.25 million). It was the highest total for existing-home sales since 2006 (6.48 million), NAR reported.

“Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” says Lawrence Yun, NAR’s chief economist. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.

The final month of 2016 saw existing-home sales drop 2.8 percent to a seasonally adjusted annual rate of 5.49 million, NAR reported. Sales in December were now only 0.7 percent higher than a year ago. Low housing supplies continue to press on the market.

“While a lack of listings and fast rising home prices was a headwind all year, the surge in rates since early November ultimately caught some prospective buyers off guard and dimmed their appetite or ability to buy a home as 2016 came to an end,” Yun says.

The year-end report as well as December 2016 Market Update reports for Nassau, Suffolk, and Queens Counties, are available under the MLS Activity Reports section of Stratus.  The Market Update reports are also available at LIRealtor.com under the Research and Data section of the Member Area.

 

 

 

 

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Press Release Contact:
Christina DeFalco Romano
Public Relations and Communication Programs Manager
(631) 661-4800 Ext. 358
pr@lirealtor.com

The Long Island Board of REALTORS®, Inc. (also known as LIBOR) is a 27,000-member, not-for-profit trade association that serves real estate professionals throughout Nassau, Suffolk and Queens counties. Founded over 100 years ago, LIBOR is the fourth-largest local REALTOR® board in the United States.