The Long Island Multiple Listing Service Housing Market Report indicates that home buying activity remained about the same as one year ago. Almost the same number of homes entered into contract as the past year. The Median Selling Price of Sold Homes in Suffolk County showed a 3% decrease from last year. Nassau County showed a slight increase – but the Selling Prices in Queens increased 12% from a year ago. Inventory is somewhat higher than a year ago – but less than the number of homes for sale in October, 2010.
Lawrence Yun, Chief Economist for the National Association of REALTORS® said that “The housing market clearly is in a recovery phase, but the improving job market and consequential boost to household formation will help the recovery process going into 2011.” He contributes the increased interest of home buyers to the excellent housing affordability conditions throughout the country.