Hamptons Home Sales Drop
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Home sales plummeted last year in the Hamptons, while the houses that did sell went for higher prices. The number of transactions in the communities at the east end of Long Island dropped by nearly 22% to 1,826 and the median price rose 7.5% to $860,000 in 2006, according to a report by Town & Country Real Estate. The number of home sales slid by about 40% in East Hampton Village, the most expensive of the Hamptons’ towns. Fifty-six houses were sold there, and the median price jumped 22% to $2.9 million. The numbers compare with a 5.1% rise in the median price of a Manhattan apartment last year, to $799,000, according to data collected by Miller Samuel Inc., the borough’s largest appraiser. Nationally, the median home price in America was $222,000 in December.
