Experts tell News 12 Long Island they?re seeing numbers that show the Island?s slugging housing market is finally rebounding.

While the median price of Long Island homes that closed in April is still down from a year ago, realtors say a better measure of where the market is going is the price of homes currently under contract.

In April, the median price of a house under contract was $446,000 in Nassau and $370,000 in Suffolk. Both of those statistics are up from a year ago.

"There [are] more buyers out, more competition and fewer homes on the market,? real estate agent Fern Karhu says.

Karhu says one stipulation is that in the current credit environment, would-be buyers have to have excellent credit, a good down payment or possibly a co-signer.

Bill and Kay Meldau say their home was snatched off the market much sooner than they had expected. They sold their Syosset home of 45 years in just three weeks for $510,000. The price was $19,000 less than the asking price, but the couple says it was the right price.

There are about 20,000 homes for sale across Long Island.