…The pace of the Long Island housing market
has been accelerating. The rise in sales and
sharp decline in available inventory resulted in
the fastest absorption rate in nearly six years.
Contract signings rose faster than the pace of
closings on both a quarterly and year-to-date

Median sales price was $365,000, unchanged
from the prior year quarter. Average sales price
saw a nominal 0.8% slip from $457,496 to $454,037 over the same period. The second,
third, and fourth quintiles saw no or nominal
changes in median sales price compared to
the prior year quarter, while the first and fifth
quintiles declined 2.2% and 2.9% respectively
over the same period. There were 5,638 sales
in the third quarter, 9.7% above 5,141 sales
in the same period last year. Pending sales
saw a larger gain over the same period, rising
12.9% to 5,436 from 4,813. Year-to-date, these
metrics showed a similar pattern, reflecting the
expanding activity levels later in the year…