Prices And Overpricing

Via the Long Island Business Blog, we note that in Forbes Magazine’s list of the USA’s most overpriced regions puts Long Island, N.Y. at number 7. No. 7: Long Island, N.Y. – (Nassau-Suffolk, N.Y.) Cost of Living: 40 of 50 Housing Opportunity: 48 of 50 Unemployment Rate: 17 of 50 Average Salary: 24 of 50 Indeed, though the median home price in the Los Angeles metro area has dipped from $525,000 to $319,000 over the last two years, Angelinos still face one of the least affordable housing markets in the country. According to the NAHB/Wells Fargo‚Äôs Housing Opportunity Index, only New York, Long Island, N.Y., and San Francisco are more expensive. Obviously we talk a lot about prices here on HIB. It’s one of our favorite subjects. There’s been a lot of back and forth about this in the comments of late and I just wanted to weigh in a bit. It’s really hard to know where prices are, at least in the short term. Median prices in the Village did actually go up a bit, but that’s very misleading. When you’re talking about a very small area with a small number of sales, changes in the median price reflect more a change in the mix of housing sold. Two metrics we can look at, inventory and the difference in selling vs asking prices, point to a continued and...

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