Home prices jump in Nassau, drop in Suffolk
The latest home prices reveal a mixed message about the Long Island housing market with some experts forecasting the market may be on its way to stabilizing.
The average sales price in Nassau from May to June jumped from $492,000 to $525,000, while in Suffolk, home sale prices dropped from $391,000 to $379,000.
Real estate agent Fern Karhu believes the bottom seems to be near because the number of houses sold on Long Island also jumped in June.
Economist Pearl Kamer, however, says rising unemployment could increase foreclosures and put downward pressure on home prices through 2009.