Long Island Home Prices Mixed, More Jobs Added

Long Island home prices were mixed in September, up in Nassau County and down in Suffolk County.

The median Long Island home prices contracted for sale last month in Nassau was $420,000, an increase of 2.2 percent from the $410,800 median price of a year ago, according to the latest numbers from the Multiple Listing Service of Long Island.

Long Island home prices were mixed in September

The median price of pending home sales in Suffolk was $315,000 in September, down about 1 percent from the $317,750 median from September 2013.

Home sales were up in September with 2,132 homes contracted for sale in Nassau and Suffolk counties last month, 10 percent more than the 1,938 pending home sales recorded in September 2013.

The inventory of homes for sale remains slightly ahead of last year. There were 17,944 homes listed for sale with MLSLI last month, 5.4 percent more than the 17,030 homes listed a year ago.

More Long Island Jobs Added

The number of private sector jobs on Long Island increased by 19,200 or 1.8 percent from a year ago to 1,112,800 as of September, outpacing the state’s 1.6 percent rate, but lagging behind the nation’s 2.3 percent.

Long Island’s private sector job count dropped by 6,900 between August and September, more than three times the typical 2,200-job loss according to an analyst for the New York State Department of Labor. The higher than usual September job loss comes after the region gained 2,900 jobs in August, compared to a typical loss of 500.

Long Island is continuing to expand employment. Education and health services added 8,800 year over year, while trade, transportation, and utilities added 6,500. Professional and business services added 3,800 jobs; natural resources, mining, and construction added 2,800 and leisure and hospitality added 100 all year over year.

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Long Island NY Home Prices Rise in August

Long Island NY home prices increased in August, but...

Long Island NY home prices increased in August, yet the pace of these gains continues to slow, helping to improve affordability for potential buyers.

Real estate data provider CoreLogic said recently that Long Island NY home prices rose 6.4 percent in August compared with a year ago. That marks a decline from an annual gain of 6.8 percent in July. Long Island NY home prices had been rising as much as 12 percent yearly toward the end of last year.

Long Island NY Home Prices Not Adjusted for Seasonality

Prices rose 0.3 percent in August from July. But CoreLogic's monthly figures aren't adjusted for seasonality, such as buying that occurs during warmer weather.

Sales struck a plateau in the middle of last year and have remained subdued for much of 2014. As sales have slowed, so have price gains. That should eventually make it easier for would-be buyers to afford a Long Island NY home.

As the pace of price gains has slowed, so have sales of existing homes.

Home Prices Dropping Nationwide Too

Nationwide, the National Association of Realtors reports that purchases fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August. Sales fell from a July rate of 5.14 million, a figure that was revised slightly downward. Overall, the pace of home sales has dropped 5.3 percent year-over-year.

Economists associate annual sales of 5.5 million with a healthy market.

The NAR also said that median sales prices had risen 4.8 percent over the past 12 months to $219,800, but that average slipped slightly in August compared to prices in July and June.

Follow news on Long Island NY home prices and the housing recovery right here by periodically checking back in the Long Island NY Real Estate News section of our website under Long Island NY Real Estate Categories.

Growth of Long Island NY Home Prices Slows for July 2014

Month-over-month increase in asking Long Island NY home prices of 0.8% was in line with the average monthly gain over the past year
The growth of Long Island NY home prices, both the quarter-over-quarter and year-over-year, are lower than they were 12 months ago, but wages are not keeping up. This word according to data released from Trulia for July 2014.

The month-over-month increase in asking Long Island NY home prices of 0.8% was in line with the average monthly gain over the past year, settling back down after a 1.2% month-over-month gain in June. The quarter-over-quarter increase of 2.5% remains below the level of last spring's price spurt, when the quarter-over-quarter increase was 3% or higher in March through June 2013.

Long Island NY Home Prices Continue Widespread Increases

Although Long Island NY home prices aren't rising as fast as they did in spring 2013, price increases continue to be widespread with overall year-over-year price gains, and quarter-over-quarter gains.

Nationwide, for the first time in more than two years, none of the 100 largest U.S. metros had a year-over-year price increase above 15%. The stagnation of wages and household income, though, shows that as Trulia states, incomes aren't keeping pace with even slowing price gains.

Why are home prices in some areas rising faster than others, and why are some actually falling? Because the housing market is still recovering from the bust, and local markets where prices had fallen most are now seeing larger price gains. That's the "rebound effect," which was fueled by investors and other home buyers scooping up relative bargains. Once those bargains are gone, there's no more room to rebound.

We're already seeing gains in Long Island NY home prices slow dramatically or even reverse slightly in some isolated locations.

Stay abreast of all the news affecting Long Island NY home prices right here at our website. More articles regarding Long Island NY housing can be found in the Long Island NY Real Estate section, or the Long Island NY Real Estate News section, both to your right under Long Island NY Real Estate Categories.

July Long Island Home Prices Level Off

Long Island home prices remained relatively flat in JulyLong Island home prices remained flat in July. The median price of pending home sales in Nassau last month was $430,000, that’s up 1.2 percent from the $425,000 median from July 2013, but down 1.1 percent from the $435,000 median price from June 2014, according to the Multiple Listing Service of Long Island.

In Suffolk, home prices are falling. The median price of Suffolk homes contracted for sale in July was $320,000, a drop of 4.5 percent from the $335,000 median a year ago and 1.6 percent lower than the June 2014 price of $325,250.

Long Island Home Prices – Gap Continues to Widen

The gap between sale prices and listing prices continues to widen. Median Long Island home prices of homes listed for sale in Nassau last month was $498,000, a difference of $68,000 from the median price of homes put into contract in July. The median price in Suffolk was $389,000 in July; that’s $69,000 above the median home sale price last month.

The number of homes listed for sale continues to rise. There were 18,618 homes listed for sale in Nassau and Suffolk at the end of July 2014, a jump of 6 percent from the 17,577 homes listed for sale in July 2013.

Homebuilders More Confident

Meanwhile, U.S. homebuilders are feeling more confident in their sales prospects headed into next year, a sign that home construction and sales of newly built homes may pick up after stalling this summer.

The National Association of Home Builders/Wells Fargo builder sentiment index rose this month to 55, up two points from a revised reading of 53 in July.

The latest reading is the highest since January, when it was 56.

Readings above 50 indicate more builders view sales conditions as good, rather than poor.
Sales of new homes are running behind last year’s pace.

But builders’ view of current sales conditions for single-family homes, their outlook for sales over the next six months and traffic by prospective buyers each increased in the latest survey.

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Long Island Home Prices Remain Flat

Long Island home prices didn’t move much in the month of June, according to the latest numbers from the Multiple Listing Service of Long Island.

The median Long Island home prices contracted for sale in Nassau last month was $439,000, just $1,000 less than the $440,000 median reported in June 2013. In Suffolk, the median price of pending home sales was $329,000 in June, up slightly from the $325,000 median price of a year ago.

The spread between the median Long Island home prices sold and the median Long Island home prices of homes listed for sale is $60,000. The June median list price in Nassau was $499,000 and in Suffolk the median list price was $389,000.

Monthly pending Long Island home sales rose in June. There were 2,524 homes contracted for sale in Nassau and Suffolk counties in June, a jump of 9.5 percent over the 2,306 pending home sales in June 2013. Pending home sales on Long Island had been off 8.7 percent for the first five months of 2014.

Long Island Home Prices Mimic Unemployment

Long Island home prices flat, unemployment holds steady, during the month of June 2014.Just as Long Island home prices were flat during June, Long Island’s unemployment rate in June fell to 4.9 percent, down 1.3 percentage points from a year ago, but virtually unchanged from last month’s rate.

Even though unemployment rates dropped, the number of employed Long Islanders edged up only slightly, painting a more complicated economic picture.

Taken together, the numbers portray a region in which employment is up only slightly, while the labor pool – based on the number of people who say they’re looking for work – has been shrinking.

Search the latest listings with Long Island home prices broken down by category for you.

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