Long Island homes for sale hit new low

The number of homes for sale fell to a record low as Long Islanders continued to pick up homes faster than new ones came on the market in December, according to a new report from OneKey MLS.

There were 4,463 homes for sale on Long Island per. January 7th. Given the pace at which sales went into contract last month, it would take two months for all listings to sell in Nassau County and 1.7 months in Suffolk.

The small selection of homes and the rate at which they sell has kept prices high compared to the year before. The median price for a home sold in Nassau County last month was $ 645,000, or 6.6% higher than in December 2020. The Nassau median was the lowest it has been since June. In Suffolk, the average selling price was $ 525,000 in December, which was 9.4% higher than in the same month a year ago.

Compared to the previous month, the average selling price fell $ 7,500, or 1.1% in Nassau in December. Median sales in Suffolk were $ 5,000 higher last month than in November, up 1%.

Fewer sales closed last month than in December 2020 in both counties. Closures fell 20.5% to 1,309 in Nassau and 22.1% to 1,726 in Suffolk. Some of this decline reflects an unusually high number of closures at the end of 2020 following the insane deal that took place in the first year of the pandemic.

Rising mortgage rates could move some potential buyers to the sidelines, slowing the pace of sales and rebuilding part of the housing stock. The average interest rate on a 30-year fixed-rate mortgage rose to 3.45% for the week ending January 13, representing an increase of a quarter of a percentage point in a week.

The exchange rate is the highest it has been since March 26, 2020, and it comes after the Federal Reserve indicated that it will raise interest rates several times this year to counter inflation.


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