Home prices in this NY region are defying the US housing market slump: data

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The median sale price of homes sold on Long Island hit a record $620,000 during the third quarter.

prompt a slowdown in many other parts of the country, according to data released Thursday.

The figure marked a 2.5% increase compared to the previous quarter and a 6% rise compared to the same period one year ago. The market stayed red-hot even as mortgage rates continued their climb toward 7% as the Federal Reserve hiked interest rates. The average 30-year fixed-rate mortgage has hit its highest rate in two decades, raising costs for buyers and forcing many sellers in other marketsWhile higher mortgage rates are crimping demand, a lack of available inventory has helped to prevent major price declines so far, according to Jonathan Miller, the CEO and president of Miller Samuel.

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Home prices aren’t falling fast enough to justify interest rates, monthly payment matters.

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