LI home prices show positive signs

Home prices on Long Island may be stabilizing, according to the most recent data.

The median sale price in Suffolk from June to July jumped from $330,000 to $350,000. Nassau home prices for the same period were flat at $415,000. Also, nearly 300 more houses were sold islandwide in July than the month before.

Despite the encouraging signs, one prominent Long Island economist is reluctant to say the slump is over.

"If you continue to have home foreclosures and these foreclosed homes come back to market, they are going to put downward pressure on home prices," says the Long Island Association's Pearl Kamer.

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