Realtor Frank J. Mosca, of Stony Brook, New York -- located on the North Shore of Long Island, reports that "for the first time in the last five years, Long Island home prices are rising by less than 10 percent annually. That's giving home sellers pause, because they can't expect huge jumps in values anymore, while buyers have some reason to rejoice, because they have more time and more choices."

Realtors Alice Becker & Steven Markfeld, also of Stony Brook, report that "prices have stabilized and are close to last year's levels. While still lower than last year at this time, the number of sales in this quarter is dramatically higher, 24.2%, than first quarter. Properties are not selling as quickly as they did in 2006 except for those priced correctly."

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Published: December 28, 2007

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