Prices of Long Island homes fell in August, after several consecutive months of gains.
The median price of closed home sales in Nassau County last month was $700,500, down 2.7 percent from the $720,000 median recorded in July. The monthly decline in price was the first in eight months.
In Suffolk County, the median price of closed home sales last month was $565,000, down nearly 1.8 percent from the $575,000 July median price. This was the first month-to-month drop in price in Suffolk since January.
And while prices were lower in August as compared to the previous month, they are still higher year over year, up 4.6 percent from August 2021 in Nassau and 6.6 percent higher than a year ago in Suffolk.
While prices retreated from July, home sales activity increased in August from the previous month. There were 2,826 Long Island homes contracted for sale last month, up 13.1 percent from the 2,496 homes contracted for sale in July, but down 12.8 percent from the 3,239 homes contracted for sale in August 2021.
Rising mortgage rates are having a chilling effect on the housing market, with mortgage applications nationally falling to a 22-year low. The average rate for a 30-year mortgage for homes sold for at or below $647,200 was 5.94 percent for the week ending Sept. 2, according to the Mortgage Bankers Association.
After six straight months of rising inventory, the supply of available homes for sale on Long Island dropped in August. There were 6,782 homes—3,118 in Nassau and 3,664 in Suffolk—listed with OneKey MLS as of Wednesday. That’s down 6.3 percent from the 7,238 homes that were listed for sale at the end of July and 5.3 percent fewer than the 7,163 homes that were listed for sale at the end of August 2021.
Still, the current inventory is much larger than it was last winter. The 6,782 Long Island homes listed for sale as of Wednesday is 53.3 percent more than the 4,424 homes that were listed for sale at the end of January.
Image and article originally from libn.com. Read the original article here.