A new report shows that home sales on Long Island have slowed significantly even after the major boom brought about by the pandemic.

The number of home sales that went into contract last month fell 31% compared to November 2021, according to One Key MLS data.

Real estate professionals say the drop is mostly due to skyrocketing mortgage rates. The rates have more than doubled in just the past year, reducing the number of homebuyers.

"Even as most recent as the summer, we were seeing lines out the door. You don't see that now because the buyers that were really aggressive were the buyers that were playing the interest rate and trying to get in at the best price possible,” said Seth Pitlake of Douglas Elliman Real Estate.

Another challenge in the housing market is low inventory. Many Long Island residents who were looking to buy a home are now using that money to renovate their existing home instead.

The Devine family in Sayville are among those who chose to renovate.

"We actually really wanted to move. We were all over the place, trying to find a house to meet our needs. When it came down to it, with interest rates, it no longer made sense,” said homeowner Patrick Devine.

Their contractor has seen this trend firsthand.

"People are taking their existing home, staying there and putting some serious money into making it their dream home,” said Michael D'Arcangelis of Unique Design Home Builders.

Real estate professionals like Pitlake say the renovations will help homeowners in the long run when it comes time to sell their home.

"If you've owned a house and you're paying a lower interest rate you know the opportunity is there in the future, whatever improvements you, do you will get back. So, more people are staying, beginning to renovate, add on,” he said.

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