Selling prices of Long Island homes climbed to record highs last month, amid strong sales and rising inventory. 

The median price of closed home sales in Nassau County was $635,000 in May, a highest-ever price that’s 8.5 percent higher than the $585,000 median price from May 2020, according to the latest numbers from OneKey MLS. 

In Suffolk County, the median price of closed home sales last month soared to $500,000 for the first time, 16.3 percent higher than the $429,950 median price recorded in May 2020. 

Meanwhile, pending home sales and the number of available listings were also on the rise last month. 

There were 3,431 Long Island homes contracted for sale last month, an increase of 3 percent from the 3,339 pending sales in April and nearly 132 percent more than the 1,487 homes contracted for sale in May 2020, according to preliminary numbers from OneKey MLS.  

There were 1,567 homes contracted for sale last month in Nassau County and 1,864 homes contracted for sale in Suffolk County.  

At the same time, inventory continues to climb from the record lows of a few months ago. There were 7,044 homes—3,669 in Nassau and 3,375 in Suffolk—listed for sale with OneKey MLS at the end of May. That’s nearly 7.3 percent more than the 6,569 homes that were listed for sale at the end of April and 17.3 percent more than the 6,008 homes listed for sale at the end of March, when inventory bottomed out.  

However, the current number of homes listed for sale is still nearly 31 percent fewer than the 10,205 homes that were listed for sale at the end of May 2020.





Source link