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Hamptons still feeling sluggish

Home prices in the Hamptons dropped 14 percent in the third quarter from a year earlier as buyers opted for less-expensive properties.

HAMPTONS – Home prices in the Hamptons dropped 14 percent in the third quarter from a year earlier as buyers opted for less-expensive properties. The median price of homes that sold in the quarter fell to $696,000 from $810,000 a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman.

“What it suggests to me is not that there was a sharp drop-off in pricing, because there wasn’t,” said Jonathan Miller, the president of Miller Samuel. “It’s a shift in the mix. We had a drop in upper-end sales activity.”

 
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