U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% monthover- month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
New Listings in Staten Island decreased 30.9 percent to 439. Pending Sales were down 20.4 percent to 335. Inventory levels fell 20.9 percent to 1,235 units.
Prices were a tad soft. The Median Sales Price decreased 7.0 percent to $622,999. Days on Market was up 40.2 percent to 103 days. Buyers felt empowered as Months Supply of Inventory was up 8.5 percent to 3.9 months.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
|- 29.2%||-7.0%||- 20.9%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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