What had been a seller’s market across most of the U.S. hit a tipping point this year, as buyers decided the slim pickings on the market weren’t worth it.
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The year 1970 on Long Island was a time when 68.2 percent of young adults owned their home, or was the spouse of a homeowner. By 2016 only 20.8 percent were homeowners.
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Nationally, home value appreciation has been faster in 2018 than in 2017, and inventory has declined on a year-over-year basis for 42 consecutive months.
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With less than 13,000 homes listed for sale Islandwide, inventory is less than half of what it was in 2007, before the housing market crashed.
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Seritage Growth Properties plans to convert a store in Hicksville, Long Island, into a 600-unit apartment complex.
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A chronic shortage of listings has forced buyers into bidding wars and pushed up prices.
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Suffolk County home values climbing more than 10 percent from a year earlier, their biggest jump in more than a decade.
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