As we head into the last half of the year, the number of closed sales were down -14.2%.  The more recent pending sales – those that went into contract in July – were up 12.2% over last year at this time.

The Federal Reserve lowered interest rates by a quarter-point for the first time in almost a decade, and this most likely was a factor in increasing sales.  Many economists feel the economy could face a mild recession in the future as we’ve experienced the nation’s longest economic expansion of 121 straight months of gross domestic product growth.

Sold Property Count – 674 properties were closed this July versus 786 last year at this time – a -14.2% change.

Pending Sales Count – 835 properties went into contract versus 744 last July – a 12.2% increase.

Sold Median Sales Price is down -2% with the current median price $577,500 versus $589,500 for last year.

Pending Median Sales Price is down -3.3% with $580,000 the median for this year and $600,000 the median pending sales price for last year at this time.

Inventory of homes for sale is up 1% over last month and 18.9% over the number of homes for sale last year at this time.

There is currently a fairly balanced market with 6.4 months of inventory for sale.  For the high-end market over $1.2 million there is an oversupply of homes for sale.  Each location and price range should be looked at for a more accurate view.  Affordability is most certainly an issue and now we note prices are stabilizing as more homes come on the market.

Would you like to know more about how these trends are affecting your home’s value?  Contact us today!

You can also reach us at helen.keit@kw.com or 917-887-4924

All statistics provided by Long Island Board of Realtors Multiple Listing Service.