Hamptons home prices hit new high as buyers grab US$5m properties

New York

HOME prices in New York's Hamptons reached an all-time high in the fourth quarter, as buyers in the eastern Long Island resort towns made a record number of deals for at least US$5 million.

The average price for all Hamptons purchases that closed in the three months through December was US$2.38 million, up 16 per cent from a year earlier and the highest in records dating to 2005, brokerage Douglas Elliman Real Estate and appraiser Miller Samuel Inc said in a report on Thursday.