In May 2026, home prices in Nassau County, New York, reached a record high of $890,000, reflecting a significant increase in the housing market despite rising mortgage rates. This surge in median home prices represents a 9.9% increase compared to the same month the previous year, indicating a trend of diminishing affordability for buyers in Long Island. The data, released by OneKey MLS, highlights the resilience of demand for homes in the region, as buyers continue to navigate the challenges posed by higher mortgage rates and limited inventory. The number of pending sales, which are contracts that have been signed but not yet closed, saw a notable uptick of 13.8% year over year in May. This increase is particularly significant as it coincides with a busy season for real estate, where families typically seek to finalize purchases before the start of the school year. Real estate agents, such as Taleen Krug from Coldwell Banker American Homes, noted that buyers are increasingly competitive, often needing to make strong offers to secure homes in a tight market. However, the overall number of closed sales on Long Island decreased by 7.4% compared to May 2025, indicating that while buyers are eager, the actual transactions are not keeping pace with the demand. Local agents had anticipated that an influx of new listings and potentially lower interest rates would improve affordability, but the reality has been a combination of limited housing supply and rising costs associated with everyday living, such as gas and groceries. The average 30-year fixed mortgage rate was reported at 6.48%, further complicating the purchasing landscape for potential buyers. The inventory of homes available for sale remains critically low, with fewer than half as many active listings compared to May 2019, prior to the pandemic-driven surge in homebuying. OneKey MLS reported an 8.1% decrease in the number of houses on the market at the end of May 2026 compared to the previous year. This scarcity of available homes has driven prices higher, particularly in areas like Merrick, where real estate agent Seth Pitlake noted that homes listed at $749,000 often sell for over $800,000. The expectation is that while prices may eventually level off, a significant increase in new listings is necessary to address the imbalance between buyers and sellers in the market.