Note that prices dropped from $500,000 average in September to $485,000 in October in this market - $15,000 ain't chump change in 30 days... trend forming?
Welcome to a new normal.
For the first time in the last five years, Long Island home prices are rising by less than 10 percent annually.
That's giving home sellers pause, because they can't expect huge jumps in values anymore, while buyers have some reason to rejoice, because they have more time and more choices.
Nassau County's median home price was $485,000 in October, just a 7.06 percent gain from the same time last year, according to the Long Island Board of Realtors' latest data. Suffolk County's median price was $390,000 in October, an 8.64 percent rise.
That's compared to increases of higher than 20 percent in 2002.
Both prices are lower than they were in September, when Nassau's median stood at $500,000 and Suffolk's had reached $400,000, according to data from the board's Multiple Listing Service.
November 09, 2005
Housing bubble springs a leak
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3 comments:
can you post link to those comments? thanks
The Ian Shepherdson link does not work. Maybe you could high light some of Ian's comments. Thanks
Inventory on MLS has been up thousands in just one month. On the 16th of January, 24000 homes were up and now its almost 28000.
Thats a pretty big increase for a month! I think a decline is unlikely for a while, though. It will take a long time for people to accept that their home is worth less than what they thought...and buyers will refuse to jump in during this time. The longer it takes the owners to accept this harsh reality, the lower the prices could get. This mind set is set to doom the market if it doesn't change.
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