Second, the inventory of homes for sale fell as well.
The inventory of homes on the market rose 11.9 percent from March to 2.16 million.
"We've got a good inventory of homes, and prices have definitely become more reasonable," she added.
"There's a small inventory of homes in the $400,000-to-$400,000-to-$400,000-to-$550,000 no time".
An inventory of homes for sale showed that there was a nearly nine-month supply at the current pace.
At the same time, the inventory of homes on the market for a month or more swelled.
The Long Island economy has cooled, but home prices continue to rise, mostly due to the still-low inventory of homes for sale here.
A year ago she was one of roughly 7,000 agents in Westchester peddling a growing inventory of homes to wary buyers in a tough market.
Moody's reports that the "shadow inventory" of homes with foreclosures pending and homes already owned by banks but not on the market is declining.
Such homeowners probably can't afford a down payment, locking them into their current homes and helping to keep the inventory of homes for sale tight.
The disproportionate impact on younger borrowers may actually have a helpful effect on home values, by creating tight inventory of homes for sale.
