SOUTHAMPTON, NY — Home prices are still rising nationally and have risen at their fastest annual rate in 45 years, but a slowdown is expected in the near future.
Prices were unchanged from May to June in the Nassau County-Suffolk County NY Metropolitan Division, according to the latest data from the S&P CoreLogic Case-Shiller Index, one of the leading housing market trackers. However, prices increased by 13.2% in June 2021 compared to June 2020.
Prices in the bottom third of the market in the Nassau County-Suffolk County NY Metropolitan Division — those priced below $495,000, often defined as starter homes — rose 15.6 percent year over year. The top third of the market (homes over $680,000) saw a 12.7% increase.
National home prices rose 1.8% from June to July 2021, according to CoreLogic data. On an annual basis, prices rose 18 percent from July 2020 to July 2021, the highest increase in 45 years.
Prices for single-family homes rose 19.7 percent last year. Related properties such as condominiums increased by 11.6%.
Prices are expected to slow to 2.7 percent growth through July 2022 as more buyers exit the market.
Suffolk County is part of the Nassau-Suffolk County Metropolitan Division of New York, a term used by the US Census Bureau to identify areas with strong economic ties. Many MSAs contain more than one county.
Editor's Note: This post was automatically generated using an analysis of Case-Shiller Index data by CoreLogic Inc. from the Associated Press. Please report any bugs or other feedback to content@patch.com.
