LI home prices rise as listings dwindle, MLS report says – New York News

Long Island’s dwindling supply of homes drove up housing prices last month.

In Suffolk County, the median sales price increased by 6.5 percent compared with the previous August, to $375,000, the Multiple Listing Service of Long Island reported Thursday. Nassau County homes traded for a median price of $515,000, up 6.2 percent from a year earlier.

There were 7,345 homes listed for sale in Suffolk last month, down 15 percent from the previous August. In Nassau, buyers had 5,008 listings to choose from, an annual decline of 11.6 percent.

With so few homes on the market, buyers are “chasing” the most desirable properties, especially those in the $300,000 to $400,000 range, said Jean-Paul Commisso, managing broker with Cornerstone Real Estate Services in Smithtown.

“It’s kind of the perfect storm — the rates are still low and the prices are appreciating a little bit slowly and that’s what you want,” he said.

Interest rates for a 30-year mortgage averaged 3.78 percent this week, up 0.28 points from a year ago but still near historic lows, mortgage giant Freddie Mac reported Thursday.

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