What goes up when inventory comes down?
Home prices in Nassau County rose in June from last year for the 39th consecutive month, with the median price of sold homes increasing 5.7 percent, according to Multiple Listing Service.
But inventory fell 3.3 percent from June 2016 to last month, decreasing from 1,286 to 1,243.
The drop followed a strong May, which saw the first significant increase in property inventory since January.
June also marked the first time this year that the median price of homes sold surpassed $500,000.
The median price for both residential single/multifamily homes and co-ops rose in June from last year’s mark, while condominium prices dropped slightly from $622,500 to $580,500.
Residential single/multifamily properties rose from $490,000 to $515,000 and co-ops rose to $220,00 from $215,000.
In June, the count for properties sold for residential single/multifamily properties, condos and co-ops all decreased from last year.
The median price of properties pending sale rose 2.9 percent, increasing from $485,000 to $499,000 from last June’s mark.
For properties pending sale, co-ops increased the most, jumping from $199,000 to $237,500 over a year.
As the median price of properties pending sale rose, the sale count rose slightly, too, increasing from 1,393 to 1,400.
But only residential single/family homes properties increased.
The slight increase in the sale count of pending properties follows a strong jump in May when the count raised 11 percent.
Nassau homes prices have been consistent with the rest of Long Island throughout the year, according to Multiple Listing Service data.
In June, the media price of a home on Long Island was $444,500 — a 7 percent increase from May and an 8 percent increase from last June.
But the monthly closed sales activity fell 3 percent on Long Island in June compared to last year largely due to the decreasing inventory.
The were 19,284 properties available on Long Island — 11 percent less than last year.
In Suffolk County, home prices rose 7.4 percent after dropping in May.
And in Queens, home prices rose 13 percent.