Slow but steady, LI home prices ticking back up

WOODBURY - Home prices on Long Island are finally starting to creep back up, experts say. According to the Multiple Listing Service of Long Island and Standard and Poor's, average home sale prices are up half a percent from June 2011. It marks the first year-over-year increase since 2010. Local economist Pearl Kamer says prices are up because inventory is down: there are fewer houses on the market now. Homeowners may be holding back from listing their property until prices start to rise more substantially. Experts say that as home sales begin to increase, the economy as a whole will get a nudge thanks to furniture and home remodeling sales.

advertisement | advertise on News 12

Top 5 Must See

Police say John Tyler Armstrong was speeding and 1 East Hampton town trustee accused of drunken driving
An annual telethon is being held on Sunday 2 Annual telethon pays tribute to murdered student Max Kolb
Police believe the serial knifepoint robber who has 3 Police: Serial knifepoint robber strikes in Ronkonkoma
The fire broke out around 2 a.m. Sunday 4 2 firefighters among 3 injured in Central Islip house fire
The Daily Show correspondent Hasan Minhaj stands at 5 Journalists honor 1st Amendment as Trump hosts rally

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE