Long Island's real estate market generated $6 billion less in sales in 2007 than it did just two years before, costing the region millions in tax revenue, consumer spending and incomes, along with thousands of jobs, a Newsday analysis has found.
A few more than 26,000 homes were sold on Long Island in 2007, compared to more than 40,000 in 2005. Median prices, too, have fallen. As a result, 2007 sales generated $16.4 billion, compared to $22.4 billion in 2005 - a 27 percent decline, Newsday found.
What's more, the median home price of houses currently on the market has also fallen, an indication that the declines in sales revenue probably will continue.
Wednesday, September 10, 2008
New York City 2010
