Long Island home prices continued to rise in October!
The median price of pending home sales in Suffolk County was $357,000 last month, an 8.2 percent increase from the $330,000 median price of a year ago, according to the latest market report from the Multiple Listing Service of Long Island.
In Nassau County, the median price of homes contracted for sale last month was $488,500, a 4.9 percent rise from the $465,500 median price of Oct. 2016.
Compared with September, pending home prices in October were stagnant in Nassau and up 2 percent in Suffolk.
Home sales were strong last month. There were 2,651 homes contracted for sale in Nassau and Suffolk in October, up 9.4 percent from a year ago.
Pending home sales in Suffolk soared last month, rising 12.3 percent from Oct. 2016, while pending sales in Nassau went up 5.6 percent last month as compared with Oct. 2016.
Inventory remains at lower levels. There were 11,448 homes in Nassau and Suffolk listed for sale with MLSLI at the end of last month. That’s 11.8 percent fewer than the 12,981 homes listed for sale a year ago.