The 2Q 2008 Long Island/Queens Market Overview [pdf]  that I author for Prudential Douglas Elliman [PDE]  is available for download. We took over the preparation of this market area study for them in 2Q 06.
You can see the methodology that went into the report.
…In continuation of last quarter’s market pattern, the pace of inventory growth and the pace in the decline in the number of sales continue to slow but still show weakening market conditions. The lower level of activity is reflective of stressed economic conditions and more stringent underwriting guidelines of mortgage lenders, who are requiring larger down payments, tighter ratios and higher credit scores. Despite a decline in activity, price indicators were essentially unchanged from the prior year quarter. There is an expectation of higher sales activity in the third quarter as spillover from the spring market activity closes in the summer months…
Download report: 2Q 2008 Long Island/Queens Market Overview [pdf]