ME­DIAN HOME PRICE IN HAMP­TONS RISES TO RECORD $1.07M

The Denver Post - - BUSINESS - — Bloomberg News

The stock mar­ket is up. Must be time to splurge on a man­sion in the Hamp­tons.

Buy­ers in the Long Is­land re­sort towns opted for more-ex­pen­sive prop­er­ties in the sec­ond quar­ter, send­ing the me­dian sale price for a sin­gle-fam­ily house to a record $1.07 mil­lion, up 7.5 per­cent from a year ear­lier, ac­cord­ing to a re­port Thurs­day by ap­praiser Miller Sa­muel Inc. and bro­ker­age Dou­glas El­li­man Real Es­tate. Forty-eight homes priced at $5 mil­lion or higher changed hands in the three months through June, the most for any quar­ter since the end of 2015.

The Hamp­tons, a sec­ond-home mar­ket whose health is tied to the for­tunes of New York’s fi­nan­cial in­dus­try, is ben­e­fit­ing from stocks at record highs and a Wall Street bonus pool that has climbed for the first time in three years. Sales of sin­gle-fam­ily houses jumped 26 per­cent in the quar­ter from a year ear­lier to 674, Miller Sa­muel and Dou­glas El­li­man said.

Buy­ers still de­manded a deal, how­ever. Eighty-six per­cent of pur­chases of houses and con­dos in the quar­ter were for less than what the seller sought, said Jonathan Miller, pres­i­dent of Miller Sa­muel. The av­er­age dis­count was 12 per­cent from the last ask­ing price.

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