Friday, November 18, 2005

Long Island Update from Newsday


["The illusion is gone that prices will just keep going up forever," said Robert Campbell, professor of real estate and finance at Hofstra University.

Last week the Multiple Listing Service of Long Island reported that Nassau County's median home price was $485,000 in October, up 7.1 percent from the same time last year. Three years ago the median price had risen 24 percent above the previous year.

Suffolk's median price in October was $390,000 in October, a rise of 8.6 percent in a year. Queens prices appear stronger, rising 19.2 percent from October 2004 to October 2005, now standing at a median $459,000.

In addition, the supply of homes for sale has risen markedly in the past year: 18 percent in Nassau, 20.6 percent in Suffolk and 26.5 percent in Queens.]



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