Home sales in the Hamptons, the New York oceanside communities favored by financiers and celebrities, plunged 67 percent in the first quarter from a year earlier as Wall Street job cuts and investment losses stifled demand for second homes. Across 11 eastern Long Island towns, 96 homes sold in the three months ended March 31. In the same quarter of 2008, 287 homes sold, off 67%.The median sales price fell 28 percent from the year earlier to $698,461, Town & Country said. The decline was largely due to fewer sales of $5 million or more.
By Oshrat Carmiel, April 9, 2009, Bloomberg

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