Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.
New Listings in Staten Island decreased 33.4 percent to 373. Pending Sales were up 27.6 percent to 375. Inventory levels fell 35.0 percent to 1,476 units.
Prices were fairly stable. The Median Sales Price decreased 1.8 percent to $569,500. Days on Market was down 13.7 percent to 106 days. Sellers were encouraged as Months Supply of Inventory was down 40.7 percent to 3.8
For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie
Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.
|One-Year Change in Closed Sales
|One-Year Change in Median Sales Price
|One-Year Change in Inventory
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