By Hank Russell
Although home sales prices saw an increase over last year, the sales numbers were not as strong as they were before.
According to data recently released by the New York State Association of REALTORS® (NYSAR), the median sales price in Nassau County last month was $815,000, which is 12.4% higher than it was a year ago at $725,000. However, only 1,011 homes were sold — a 15.2% drop compared to August 2023, when there were 1,192 closings.
In Suffolk County, this August’s median sales price was $650,000, which grew by 10.5% from the previous August, when the price was $588,000. Like Nassau, Suffolk’s home sales numbers slipped, but only slightly, from 1,368 in August 2023 to 1,365 this August — only a 0.2% increase.
There was a slight increase in new listings in Nassau, with the August 2024 figures up only 0.3% to 1,068, compared to 1,065 the previous August. However, inventory fell with 2,402 homes for sale, whereas there were 2,536 homes available last August — a decline of 5.3%. Inventory remained the same at 2.9 months.
There were more new listings in Suffolk as opposed to last year, from 1,444 to 1,493 — a rise of 3.4%. Inventory also grew, with 3,190 homes on the market this year; that number is 8.2% higher than last August’s number of 2,948. Supply rose 7.4% from 2.7 to 2.9 months on a yearly basis.
Mortgage rates have continued to drop this summer. According to Freddie Mac, interest rates on a 30-year fixed-rate mortgage averaged 6.50% last month, dropping three-tenths of a percent. For comparison, in August 2023, interest rates stood at 7.07%.