The New York Appraisal Mgmt. Co.
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The median sales price of single family homes increased in Nassau and Suffolk but decreased in Queens.
In Nassau County, the average selling price rose to $372,100, its highest point to date and reflects the strong demand for housing the fact that the low interest rate are making those homes once believed unattainable, now affordable.
In Suffolk County, home prices also continued their upward trend peaking at $308,000. This is the first time that the average selling price broke the $300,000 mark.
However in Queens, the average selling price dropped 9 percent for the month, from their all-time high of $360,000 to $329,500.
War was the topic of conversation in February which may explain why the number of home sales dropped across the board for the month. While mortgage rates dipped to their lowest level in decades, the uncertainty of the war kept home shoppers away.
While their is much good news coming from Iraq, the news at home is still not good; the economy is stuck in first gear and when investors look away from Fox News coverage of the war, they will not like what they see. Look for rates to remain at all time low levels and the housing market begin to heat up again as the summer buying season fast approaches.