Surge in Long Island NY Home Sales Predicted

An unusual surge in Long Island NY home sales is predicted this fall due to a slowdown in home price growth and a shift in pricing power from sellers to one that more closely aligns with buyers' expectations. Home buyers who have been willing to wait for better deals are starting to be rewarded for their patience.

The number of Long Island NY home sales above list price in July was down nearly 7 percent from a year ago. These numbers would indicate that sellers are starting to realize that it's not really a seller's market any more.

A surge in Long Island NY home sales is predicted this fall due to a slowdown in home price growth and a shift in pricing power from sellers

Long Island NY Home Sales Vary By Area

Some areas have seen more moderate price growth year-over-year but have seen their "for sale" inventories also rise.

Areas with the fewest price drops tended to have smaller increases in median home prices and for-sale inventories.

Redfin analysts are predicting a surge in home sales in September and October. "We continue to see strong buyer demand as we head into fall," according to Redfin’s housing report, which shows the number of tours and offers picking up from July and into August.

"The buyer fatigue from competing against multiple offers, bidding wars. and tight inventory is diminishing. Additionally, the widespread increase in price drops is likely to give buyers even more confidence that they have regained some of the bargaining power lost last year."

You can read the full housing market report here.

For more Long Island NY home sales news, check out our Long Island NY Real Estate News section of articles under Long Island NY Real Estate Categories to your right.