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Elliman Report: Long Island Sales 2Q 2012

..The Long Island spring housing market was characterized by stable prices, falling inventory and rising sales activity. This occurred despite some of the tightest mortgage lending conditions in years, as well as elevated unemployment levels and a weak, but slowly improving, regional economy. There were 4,581 sales, 8.9% more than 4,205 in the prior year quarter. Pending sales showed a similar pattern, despite an unusually robust prior quarter, which was attributable to the atypically warm winter. The number of pending sales increased 6.4% to 6,032 from 5,670 in the same period last year. In addition to the higher level of sales activity, listing inventory declined 13.2% over the same period to 19,769, the lowest second quarter inventory total in seven years…

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