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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) a subsidiary of
the Long Island Board of REALTORS®, Inc.(LIBOR) is a computerized
network of more than 2,500 participating real estate offices. For more
information about the MLS, and Long Island real estate, visit our web
site at www.mlsli.com.
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