..The Long Island spring housing market was
characterized by stable prices, falling inventory
and rising sales activity. This occurred despite
some of the tightest mortgage lending conditions
in years, as well as elevated unemployment
levels and a weak, but slowly improving, regional
economy. There were 4,581 sales, 8.9% more than 4,205
in the prior year quarter. Pending sales showed
a similar pattern, despite an unusually robust
prior quarter, which was attributable to the
atypically warm winter. The number of pending
sales increased 6.4% to 6,032 from 5,670 in the
same period last year. In addition to the higher
level of sales activity, listing inventory declined
13.2% over the same period to 19,769, the lowest
second quarter inventory total in seven years…