Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at
the start of August. The pullback in demand has been particularly hard onhomebuilders, causing new-home sales and construction to slow.
New Listings in Staten Island decreased 16.2 percent to 498. Pending Sales were down 21.5 percent to 365. Inventory levels fell 14.9 percent to 1,543 units.
Prices continued to gain traction. The Median Sales Price increased 2.7 percentto $662,500. Days on Market was down 32.3 percent to 56 days. Buyers feltempowered as Months Supply of Inventory was up 1.0 percent to 3.9 months.
Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.
|- 27.0%||+2.7%||- 14.9%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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