Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.New Listings in Staten Island increased 43.7 percent to 917. Pending Sales were up 38.8 percent to 537. Inventory levels fell 12.4 percent to 2,332 units. Prices were fairly stable. The Median Sales Price decreased 0.2 percent to $549,000. Days on Market was up 21.8 percent to 119 days. Sellers were encouraged as Months Supply of Inventory was down 0.5 percent to 7.8 months.While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.
|- 37.7%||-0.2%||- 12.14%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
|Click here for full report about the entire Staten Island housing market.|