08/23/2009 05:12 am ET Updated May 25, 2011

Hamptons Luxury Home Market Has Four-Year Inventory Backup

uxury home sales in the Hamptons, New York's oceanside retreat for Wall Street and Hollywood luminaries, stalled in the second quarter as the number of unsold properties swelled and owners cut prices an average of 20 percent.

Only 37 houses and condominiums priced at more than $2.36 million sold in the Hamptons and on Long Island's North Fork, appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today. Inventory jumped 46 percent. At the current sales pace it would take four years to sell all 584 luxury homes on the market.