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Douglas Elliman Report: Long Island Market Sales 2Q 2011

A quarterly survey of Long Island residential sales.

…After considering the impact of the federal homebuyer tax credit that expired in April 2010, the second quarter housing market would be considered generally stable as the price indicators showed mixed results. In addition, both the number of sales and price indicators in the second quarter were driven higher as a result of the stimulus program and therefore comparisons against that period doesnХt reflect parity. The median sales price of a Long Island property that sold in the second quarter was $350,000, down 2.8% from $360,000 in the prior year quarter and unchanged from the prior quarter. Average sales price was $436,143 in the second quarter, 3.1% higher than $422,832 in the prior year quarter but slipped 0.7% from $439,085 in the prior quarter…

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