Slow but steady, LI home prices ticking back up

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

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.

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