All three counties are experienced a decline in home values   in September. Nassau has been declining since July and has hit a new 18 month low for the median under contract price in September.

The seasonal increase of unsold inventory started earlier this year the in years past. An increase of unsold inventory is directly related   to a decrease in buyer activity. Although it is common for this trend to occur each year starting in November and continuing through the holiday months., it is uncommon to see the trend start this early in the year!

There was a small increase in new bank owned inventory coming onto the market this September. However, overall all three counties are way down compared to the inventory highs that were hit in the spring of 2010

The total bank owned inventory seems to be still declining even though the news has been reporting that foreclosure sales have been increasing.

The good news here is that it looks like Suffolk county inventory is pushing downward off it’s high. Where Nassau and Queens still are showing increases in short sale inventory.