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.
In both counties, the number of sales dipped by less than one percent in August compared with a year earlier, the listing service said. However, in an indication that home buyers remain active, the number of contract signings grew year-over-year by 9 percent in Suffolk and 5 percent in Nassau.
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.
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