Wednesday, November 09, 2005

New Normal Long Island

Newsday reports that prices increases are starting to ease on Long Island. I always like to see stories about property prices on Long Island since I believe it is a good proxy for what is happening at the Jersey Shore. (I would like to also see articles in the Asbury Park Press about real estate at the Jersey Shore but I know that they have to devote most of their space to 3 day old Associated Press stories, Jason's Furniture ads and recycling tips.)

"Welcome to a new normal.

For the first time in the last five years, Long Island home prices are rising by less than 10 percent annually.

That's giving home sellers pause, because they can't expect huge jumps in values anymore, while buyers have some reason to rejoice, because they have more time and more choices.

Nassau County's median home price was $485,000 in October, just a 7.06 percent gain from the same time last year, according to the Long Island Board of Realtors' latest data. Suffolk County's median price was $390,000 in October, an 8.64 percent rise."



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