The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to
temporarily put their home purchase plans on hold. New Listings in Staten Island decreased 19.7 percent to 433. Pending Sales were down 7.9 percent to 351. Inventory levels fell 46.1 percent to 1,019 units.
Prices continued to gain traction. The Median Sales Price increased 12.1 percent to $650,000. Days on Market was down 25.6 percent to 74 days.
Sellers were encouraged as Months Supply of Inventory was down 55.6 percent
to 2.2 months.
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.
|- 4.3%||+12.1%||- 46.1%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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