The Dix Hills, Melville, Half Hollow Hills School District 2010, January-June, Bi-Annual Housing Market Report looks at the data from several perspectives.  What is happening now in the local housing market, how that data compares to past market activity and what those indicators actually mean when evaluating future market trends.

In their May Housing Market Report, the MLS of Long Island overall showed a 31% decline in the number of contracted sales during May from one year ago.  Housing inventory increased nearly 15% and the closed median sales price stabilized at around $350,000—about 4% less than a year ago. The drop off in pending sales was anticipated after the expiration of the federal tax credit which expired April 30.

Our local stats tell a different story. That’s why it is so important to know what is happening in the neighborhood.  I hope that you will find this report helpful.  It certainly is to me.  When someone asks me “How’s the market?”  I know exactly what the answer is.  The 3-page Report is available as a pdf file.

Mortgage rates are at historically low levels.  Keep in mind that an increase of 1 point in an interest rate translates to an increase of about 10% more for the cost of a mortgage .  Buyers should consider not only the price of a home – but also the cost of that home.  The big drops in housing prices seem to have stopped.  We may bounce along for awhile—meanwhile mortgage rates will not stay in the 4%-6% range much longer.  These low rates are an anomaly.  Once they normalize the home you want—at the price you want—may cost too much when you arrange for financing.

For more information or with any questions about this report, please contact Cheryl Grossman at 631-493-0542 or cheryl@liagent.com.  Live weekly market updates for Dix Hills, Melville and other areas within Huntington Township are available for download from Altos Research Reports by clicking on the widget – upper right sidebar.

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