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Home Sales Volume Up, Median Price Down For Q2

The numbers are starting to trickle in for the second quarter of 2012. Miller Samuel released their report for Prudential Douglas Elliman earlier this week and it contains a mix of both positive and negative news. First, the good news: The 539 sales represents "9.6% more than in the prior year quarter, and the highest second quarter total in 6 years." Now the bad: Although more homes are being sold, the median sale price declined 9.3% from the prior year quarter. According to the author of the report, that drop isn't necessarily as bad as it might appear. An uptick in sales on the lower end "brought the price indicators down a bit." There was also an increase in the number of homes for sale, about 11% more than this time last year.

Now, our favorite part of these quarterly reports: The media coverage! News outlets writing about the Hamptons real estate market have a tendency towards hyperbole whenever these reports are released. Here's a sampling of headlines from around the web:

· Hamptons $1B housing rebound [NY Post]
· The Hamptons Luxury Real Estate Market Is Booming Once Again [Business Insider]
· Hamptons market sees growth at high, low ends [The Real Deal]
· Hamptons Home Sales Jump To 5-Year High As Luxury Demand Climbs [Bloomberg]
· Hamptons home sales surge to near records [Crain's]

· Buyers Snapping Up Vacant Land in the Hamptons [NY Mag] · 2Q - 2012 Hamptons And North Fork Sales [Prudential Douglas Elliman]