Long Island house prices drop again

December 9, 2008 3:46:47 PM PST
As one Long Island real estate broker puts it, the good news is houses are selling, but prices have dropped. The Multiple Listing Service of Long Island reports that the median closing price for a home in Long Island and Queens fell to $376,500 last month. That's down from $421,000 a year ago and $385,000 in October.

The November drop represents a 10.6 percent decrease from a year ago and a 2.3 percent decrease from October.

Michael Azzato, associate broker at Century 21 Family Realty in Northport, says buyers are making lowball offers, but he says a low offer is better than no offer because it opens up negotiations.

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