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Hamptons Housing Prices Slip in 2Q of 2015

Is the party over? The real estate market reports for the second quarter of 2015 are in. The median sales price declined 6.5% to $849,000, compared to the same quarter last year. The number of sales fell 15.7% to 590. The average sales price declined 10.4% to $1,577,944. Inventory eased, increasing 3.5% over the same quarter last year. There were 590 sales in the second quarter, 15.7% fewer sales than in 2014Q2 and the least sales activity seen in a second quarter in three years.
The luxury market (the top 10%, which in this case are properties priced at $3,325,000 and above) showed better results. The luxury median sales price increased slightly, 1.8%, to $5,293,000, while the luxury average sales price rose 6.6% to $6,775,823, compared year over year.
We don't think the party is over—all other economic indicators are good. The market is just taking a break from its torrid pace.
· Elliman Market Reports [PDF]