LI home prices fall about $10K in 1-month period

According to the latest statistics, home prices across Long Island continue to drop and experts say the low-income areas are being hit the hardest by this trend. According to the Multiple Listing Service

News 12 Staff

Dec 10, 2008, 1:27 AM

Updated 5,699 days ago

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According to the latest statistics, home prices across Long Island continue to drop and experts say the low-income areas are being hit the hardest by this trend.
According to the Multiple Listing Service of Long Island, the median price of a home sold in Nassau was about $461,000 last year, dropped to $425,000 in October and sunk even further to $410,000 last month. Suffolk saw a similar drop. The median home price in Suffolk last year was $387,000, $345,000 in October of this year and $335,000 last month.
Dowling College economist Irwin Kellner says current prices are almost 20 percent lower than in 2005, a peak year for real estate. According to Kellner, places like Roosevelt, Wyandanch and Central Islip are among the most impacted.
Experts say home prices in areas with higher incomes are dropping more slowly than in low-income areas.
Kellner tells News 12 Long Island he predicts home prices will continue to drop in the coming months.
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