Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
New Listings in Staten Island decreased 21.4 percent to 442. Pending Sales were down 8.5 percent to 312. Inventory levels fell 34.6 percent to 1,242 units. Prices were a tad soft. The Median Sales Price decreased 3.2 percent to $668,000. Days on Market was up 35.2 percent to 78 days. Sellers were encouraged as Months Supply of Inventory was down 14.2 percent to 4.1 months.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
|- 38.0%||- 3.2%||- 34.6%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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