FOR IMMEDIATE RELEASE

Long Island Home Prices Stable Prices Returning to Pre-Boom Levels

August 2009 - West Babylon, NY - The Multiple Listing Service of Long Island, Inc., (MLSLI) released July’s 2009 home figures reporting a $375,000 closed median home price for Long Island.  The latest housing figure representing a decrease of 11 percent over the $421,000 reported in July 2008.  However, Long Island closed median home prices have been steadily ticking upward since April of this year when MLSLI reported a closed median price of $350,000. 

All three counties that make up the MLS of Long Island reported lower closed median home prices in July 2009 when compared to July 2008.  The July 2009 closed median home price reported for Queens, Nassau and Suffolk County were: $355,000, $350,000 and $415,000 respectively.

The Long Island contracted median home price, which usually reflects transactions over the past month, was $355,000 in July 2009 representing a downturn of 10 percent over last July.  Contracted home prices have been reported steadily in the $350k - $360k range since the beginning of the year.  Queens County reported a contracted median home price of $355,000, Nassau was $394,000, and Suffolk was reported at $325,000.

The number of contracted sales was 3,029 for this July compared to 2,692 a year ago.  Joseph E. Mottola, CEO of MLSLI says, “As the economy begins to stabilize, consumer confidence will continue to improve and many more buyers will be finally committing and taking advantage of the favorable real estate conditions.  The tax incentives for first time homebuyers, the great selection of homes to choose from, and affordable home prices are making it a positive time to buy.”  Mottola predicts that Long Island real estate will continue to show signs of recovery for the balance of this year.

# # #

Press Release Contact:
Christina DeFalco
Public Relations and 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 2,800 participating real estate offices throughout Nassau, Suffolk and Queens. For more information on MLSLI™, visit our web site at www.mlsli.com.