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Elliman Report: Long Island Sales 3Q 2020

With the chronic shortage of inventory, historic mortgage rate lows, and a post-spring lockdown sales surge, housing prices across the market rose to new records. The average sales price jumped 9.1% year over year to $590,098, a new record. Median sales price increased 6.6% to $500,000, reaching the $500,000 threshold for the first time and achieving a new record. For each of the six most recent quarters, the median sales price was the first, second, or third highest…

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