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