Nassau house inventory falls as prices continue to rise

Lower inventory of houses for sale is continuing to push prices upward in Nassau County in a classic case of supply and demand. The median sales price of Nassau County single-family homes rose 2.1% year over year to $860,000 as of September as inventory dwindled, even as condo prices dropped to below $800.000 and co-op prices rose. OneKey MLS data showed that the number of sales of Nassau County single-family homes fell 4.1% to 757 in September from the previous year, as inventory declined 1.7% to 2,318 and new listings tumbled 10.4% to 929. The percentage of asking price for sales rose from 98.9% to 99.8%, consistent with the rise in prices and shrinking inventory, as the days on the market fell 7% to 40%. The prices for Nassau single-family houses rose even though the Federal Reserve raised its benchmark rate by a quarter point on September 16 to a range of 3.75% to 4%, the first such increase since July 2023, according to OneKey MLS. The 30-year fixed-rate mortgage mo