Housing prices continue summer climb in August

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The historic John Philip Sousa house in Sands Point, which is up for sale. (Courtesy of Douglas Elliman)

The median prices for homes sold in Nassau County rose for the fourth straight month, according to data released by the Multiple Listing Service of Long Island.

The median price for homes sold in August was $550,000 for the county, up from $540,000 in July.

August’s median was the highest median price for any month in the past two years and was up $38,000 — or 7.4 percent — from a year ago.

That percentage was the biggest jump of any month since February when prices soared up 12.5 percent from the year before. Every month since September 2017 has seen year-over-year growth.

As the median price has risen, so too has the number of houses sold within the county: 1,449 in August, an increase from 1,281 in July.

The number of houses sold has peaked in August each of the last two years, and this year’s numbers were down from 1,584 in August 2017 and 1,519 in August 2016.

The median price for sales pending slumped $10,000 in August, dropping to $520,000 from $530,000 a month ago. But that was still good for a $30,000 — or 6.1 percent — increase over August 2017. Like the median price for homes sold, every month in the past calendar year has seen an increase over the year before in median price for pending sales.

The number of pending sales in Nassau also increased. There were 1,330 pending sales in August, up from 1,217 in July and 1,220 the year before. That 9 percent increase over August 2017 was the largest percentage increase of any month since at least September 2017.

Neighboring Suffolk County continued to see its own slow and steady rise in the median prices for homes sold. August marked the sixth straight month the median sold price increased and the first time in at least two years that it cleared $400,000 (the exact median was $405,000). The number of homes sold — 1,751 — was up from July but down from August 2017.

In pending sales, the median price dropped $10,000 to $380,000 in August, which was nonetheless a 6 percent increase over 2017. The number of houses on the market was also up 9.9 percent year over year, from 1,609 to 1,769 in August 2018.

Reach reporter Luke Torrance by email at ltorrance@theislandnow.com, by phone at 516-307-1045, ext. 214, or follow him on Twitter @LukeATorrance

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