The Business News has an update on the housing bubble on Long Island. "January housing prices dipped in Nassau and Suffolk counties, but remain ahead of last year’s numbers. The region’s median closing price was $440,000 in January, down from $443,000 in December, the MLS of Long Island reported."

"Nassau slipped $2,000 to a median $480,000, while Suffolk dropped $10,000 to $390,000. 'It’s another indication that the housing market is cooling,' said Pearl Kamer, chief economist at the Long Island Association."

"Sellers apparently raced to the market: Housing inventory placed on the MLS in January soared 55 percent to 10,627, up from last January’s 6,823. Currently, 23,470 residential properties are available, up 66 percent from 14,139 a year ago."

"Suffolk’s 9,825 units represent a 64 percent increase, while Nassau’s inventory spiked 67 percent to 6,689 in twelve months. Christopher Armstrong, MLSLI president, said the region is 'beginning to see the signs of a balanced market.'"