Economists are predicting a sharp decline in Long Island home prices as the Federal Reserve continues to raise interest rates.

Realtor Steve Leslie says there are 24,000 homes currently on the market in Nassau and Suffolk counties. In Syosset, where Leslie says 60 houses would normally be for sale this time of year, 185 are on the market. Long Island Association economist Dr. Pearl Kamer says prospective buyers are stymied by the rising interest rates because monthly payments are higher, which make homes harder to sell.

Experts say there is currently a 2-to-4 percent increase in home prices, but predict that could turn into a 3-to-5 percent decline next year. Kamer says sellers will have to lower prices if they wish to sell a home in a reasonable period.

Related Information: USA Today - Housing Market: Risky Business?