From the chart above it is obvious that the prices are still in a downward trend.
The chart below showed the volume picking up, hit the peak last year in Queens & Nassau, surpassed the peak in Suffolk.
But price drop with higher volume is showing more pressure on sellers. Also there are so-called "shadow inventory", which banks own but didn't put on the market yet and also includes homes that owners want to sell but are waiting for a better price, which will hit the market eventually.
The end of First-time homebuyers credit which will end in Nov 30, 2009 may also have a impact on the real estate market.
Is the real estate market hit bottom yet? May be for this year. In longer term, I don't know but I doubt it.
Source: The Multiple Services of Long Island