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Driving the price rise were a tight supply of homes for sale, strong demand from first-time buyers and a rush to lock in interest rates before they rise further, agents said. In Nassau County last month, homes sold for a median price of $519,000, up 8.1 percent from the previous May. Over the last 12 months, Nassau home prices have posted year-over-year gains ranging from 3.7 percent to 12.5 percent.
The number of closed homes sales fell annually by 5.5 percent in Nassau. The number of closed homes sales fell annually by 5.5 percent in Nassau. “Nassau has just become more and more unaffordable for a lot of people, it’s a combination of prices and taxes,” “While the economy is doing well and everyone has got a job, you haven’t seen a real big increase in wages.”
Plus, he said, “with interest rates creeping up a bit, that’s taking away some of their buying power.” “The higher end is just taking a little longer to sell, so that’s why you’re seeing a shift in the inventory level,” Baumann said.
Comment:
Looking at the headline, it sounds like everybody is happy about it. However if it was food or fuel soaring, because of being supported by bankers and their loans, and gov’ts and the tax deductions, they would not be so happy.
Soon before the prior real estate crash in 2008, a similar situation, I told everyone around me, and I’ll restate now…”When these old houses get to up to one million dollars, they will all be for sale.” They crashed after $600k was reached.