The Hamptons and North Fork housing markets improvement over the past year has been impressive. Conditions are now stronger today than we would have expected last year at this time due to rising sales, declining inventory and consistent pricing. In fact there were more sales in the second quarter than in nearly 3 years and we have now seen three consecutive quarters with stable prices. Although we still face economic challenges, record-low mortgage rates, and much improved affordability continue to drive the market.

http://www.prudentialelliman.com/images/marketreports/Hampton_Q2_2010.pdf