An October update of the Long Island MLS Stats was reported today at the LIBOR/MLS Directors Meeting. Sales numbers continue to reflect an improving housing market for our area. In October the number of Closed (Sold) homes was 26,010 compared to 22,053 in October, 2008 – an increase of 14% from last year. The number of homes Under Contract in October, 2009 was 3061 – compared to 2089 in October, 2008. Inventory numbers are down for October also. In October, 2009 there were 31,240 Available homes compared to 35,220 in October, 2008. We currently have 10.2 months of inventory compared to 16.9 months last year. The median selling price of homes on Long Island has declined 7 % from a year ago.
Nationally, the numbers are better also. The National Association of Realtors (NAR) reports that home prices have increased 3-5% over last year. The $8000 First-Time Home Buyer Tax Credits accounted for 350,000 – 400,000 more sales this year. They project that the extended and expanded Tax Credit (See Article for Details) will boost the 2010 sales numbers by 15%.
The National Housing Market Report published by Altos Research is a composite of housing data from 10 cities. The November 10 Report details 2009 market trends.