Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | Rise in Long Island Realty Due to Love for Long Island, says Charles Rutenberg Realty Broker/OwnerBy: Charles Rutenberg Realty Joe Moshé, Broker/Owner, Charles Rutenberg Realty (http://www.crrli.com/) Multiple Listing Service of Long Island (MLSLI) recently reported that, although the number of homes under contract last month fell slightly by 1.1% to 3,250, compared to 3,307 in July, it was 16% higher than it was in August 2012, when 2,801 homes were in contract. The number of completed sales was up from 3,307 in July to 3,412 in August — an increase of 3.2%. Compared to 12 months prior, when 2,953 homes were sold, last month’s sales figure was 15.5% higher. Home prices rose as well. According to MLSLI, the median Long Island home price for August was $392,000, up 2.8% from July’s price of $382,000 and up 6.4% year-over-year from $369,000. The median home price for pending sales grew 1.4% from $360,000 in July to $365,000 last month. In August 2012, the median price was $355,000, which was 2.8% lower than last month’s price. Mr. Moshé says that many homeowners were foreseeing good economic news, especially in the jobless rate. The New York State Department of Labor recently reported that the unemployment rate was 6.2%, which is lower than New York City’s (8.7%), New York State’s (7.6%) and the United States’ (7.7%). “A lot of these people are seeing a turnaround in the local job market, so they are confident that this trend will continue,” Mr. Moshé said. “This means they will have more disposable income to make such a big-ticket purchase, so many prospective homebuyers who might have been on the fence are now taking that leap into buying the home they always wanted.” Mr. Moshé noted that the increase in home prices was the result of greater demand. “With more homes being bought, there are fewer houses on the market to choose from,” he said. “Once the banks release their ‘shadow inventory,’ there will be more choices for the consumers and home prices may begin stabilize. However, I am confident that we have started the Real Estate up cycle, but may experience some drops along the way.” Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,500 Agents on Long Island, Queens, Westchester, and Manhattan. For more information, visit www.crrli.com. ### About Charles Rutenberg Realty Founded in 2006, Charles Rutenberg Realty (http://www.crrli.com/) Charles Rutenberg Realty End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|