…The housing market on the eastern end of Long
Island had its highest number of third quarter
sales in six years, as inventory declined and
buyers and sellers moved closer together on
price. Housing prices were characterized as
stable, as price indicators declined largely due to
the shift towards smaller properties in response
to falling mortgage rates.
The market share of sales below $1M increased
to 69.9% of all sales, up from 67.1% in the prior
year quarter and above the five-year average
of 66.5%. The shift towards lower-priced sales
skewed overall housing prices lower; median
sales price fell 9.3% from $700,000 in the same
period last year to $635,000. In addition to the
spike in sales below the $1M threshold, there
was increased activity at the lower end of the
luxury market…