By Hank Russell
Although annual home sales were tepid last month, that did not stop home sales prices from climbing, based on a new report from the New York State Association of REALTORSⓇ, Inc. (NYSAR).
According to the NYSAR, the number of closings fell 0.8% year over year in February to 589, compared to 594 the previous February. Sales in Suffolk showed a positive trend, but not a lot of improvement. In February, only 771 homes were bought, which is a bit better than the 757 sold in February 2024.
But home sales prices proved to be strong in times when sales have fallen off. Last month’s median sales price in Nassau was $772,500 — an 8% increase over the February of last year, when it was $715,000. In Suffolk, sales prices surged 13.5% from $581,500 the previous February to $660,000 last month.
Higher prices may be the result of fewer housing options for prospective buyers in Nassau. There were 1,929 homes available for sale in the county, which is down 9.5% from February 2024’s figure of 2.131. New listings were down 8% from 966 to 889 and supply also declined 8% from 2.5 to 2.3 months.
In Suffolk, there were slightly more homes on the market, from 2,768 in February 2024 to 2,783 in February 2025 — a small upturn of 0.5%. However, the number of new listings dropped to 1,220 from 1,239 the previous February; that is a 1.5% decline.
Supply also dropped in Suffolk by 3.8% from 2.6 to 2.3 months.
Joe Moshé, the broker/owner of the Plainview-based Charles Rutenberg Realty, Inc. said it’s surprising that prices have been going up because of fewer houses on the market and a diminishing supply.
“Sales were weak last month, compared to the previous year, probably because of prospective buyers being scared off by the high prices,” he said.
Moshé said those who are looking to buy a house should “sock away a lot more” than 5% or 20%. “The standard 5 to 20% down payment formula no longer works in this real estate climate,” he said. “Some will put down up to 50% so they won’t be outbid.”
Without a significant down payment, Moshé said, “the seller may have fears that the mortgage may not be approved because of the elevated value of their house.”
Moshé also advised prospective buyers to watch mortgage rates, as well as sales prices, “so they have a better idea of how much house they can afford to buy. A good broker will help navigate you through these uncertain times.”