Nassau home prices cool off in September

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The front of the Valentine-Losee house, a historic 1758 on sale for $999,999 (Photo courtesy of Linda Wohl).

After rising steadily throughout the summer, the median price for sold homes in Nassau County dropped in September to $525,000, according to data from the Multiple Listing Service of Long Island.

It is the first month-to-month drop since April. Since bottoming out that month at $492,000, the median price of homes sold continued to climb until peaking in August at $550,000. Despite the month-to-month drop, the median price was up from $510,000 in September 2017 and $465,000 in September 2016.

Median prices on sold homes typically peak around July or August.

The number of homes sold dropped steeply, from 1,479 in August to 991 in September. It was also down from 1,167 in September of last year, a 15.1 percent drop that was the biggest year-to-year fall of any month since at least October 2017.

The median price for pending sales also dropped from $520,000 in August to $500,000 in September. It was nonetheless a slight improvement over the $490,000 median for pending sales from last September.

Like everything else, the number of pending sales in Nassau County was also down from August. The 958 units pending sale in September was the lowest total of any month since January. It was a decrease from 1,337 in August and 1,010 in September 2017, a year-to-year drop of about 5 percent.

In neighboring Suffolk County, the picture was similar. The median sales price dropped to $381,500, down from August but up from September 2017. The number of homes sold and homes pending sale both dropped from August, although the homes sold was way down from September 2017 while homes pending sale saw a very small increase.

The one difference was the median price of homes pending sale, which actually went up from $380,000 in August to $385,000 in September. It was also an increase from $360,000 in September 2017 and $335,000 in September 2016. September’s median price of homes pending sale was just $5,000 off the two-year peak of $390,000, reached in May and July of this year.

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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