Long Island home sales fall amid rise in prices | Long Island Business News

April saw fewer Long Island home sales, as home prices climbed last month. 

There were 2,220 homes contracted for sale in Nassau and Suffolk counties in April, according to preliminary numbers from OneKey MLS. That’s a drop of 9.1 percent from the 2,444 homes contracted for sale the previous month and 22.1 percent fewer than the 2,851 pending home sales recorded in April 2022.  

Long Island pending home sales have now seen year-over-year declines for the last 22 months. In the first four months of this year, pending home sales are down 18.8 percent from the first four months of last year, falling from 9,806 to 7,966. 

Home prices, which had been trending lower, climbed higher in April. The median price of closed home sales in Nassau last month was $660,000, up 2.2 percent from the $645,000 median price in March, but still down $6,500 from the $666,500 median recorded in April 2022.  

The median price of closed home sales in Suffolk in April was $540,000, a spike of 4.8 percent from the $515,000 median price of the previous month, and the same as the median price recorded in April 2022. 

Meanwhile, the still-low number of available homes for sale is keeping prices firm. There were 4,865 Long Island homes listed for sale with OneKey MLS—2,393 in Nassau and 2,472 in Suffolk—as of Monday. That’s up from the 4,715 homes that were listed for sale at the end of March, and 14 percent fewer than the 5,658 homes listed for sale at the end of April 2022. 

After drifting lower in the last couple of weeks, mortgage rates have gone up again. The average rate in New York is currently about 6.8 percent for a 30-year fixed loan, according to bankrate.com.

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