Coronavirus: LI Sees Sharp Drop In Home Sales — But Not Prices

LONG ISLAND, NY — It's no secret the new coronavirus has wreaked havoc on the economy. About 3 million people filed for unemployment benefits last week, making the two-month total to more than 36 million. The U.S., which saw record-long growth in gross domestic product, fell at a nearly 5 percent annual rate in the first quarter, according to the U.S. Commerce Department.

Now, data shows the virus, which has infected more than 38,000 in Nassau County and 41,000 in Suffolk, led to a sharp decline in housing sales.

According to data compiled by the real estate company One Key MLS, in April, closed sales activity fell 30 percent compared to March, and nearly 45 percent compared to April 2019.

Contracted sales activity fell 60 percent in from March to April, and by about 68 percent compared to April 2019. Additionally, the total number of available residential listings in April on the MLS was 13,875 — a decrease of 6 percent from March and 21 percent from April 2019.

However, houses have not gotten cheaper.

The closed median home price for Long Island — which includes Nassau, Suffolk and Queens housing data — climbed to $496,000. That's a 9 percent increase over April 2019, despite the area being one of the hardest-hit by the pandemic in the nation.

Yearly Median Home Price Change In April

• Nassau County: $562,500 (11.4 percent increase over $505,000)
• Suffolk County: $405,000 (11.8 percent increase over $380,000)
• Queens: $652,500 (16.5 percent increase over $560,000)