School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. May saw the median existing-home sales price exceed $350,000, a 24% increase and the largest year-over-year increase since 1999, according to the National Association of REALTORS®. Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen. New Listings in Staten Island decreased 8.3 percent to 674. Pending Sales were up 112.5 percent to 527. Inventory levels fell 35.8 percent to 1,500 units. Prices continued to gain traction. The Median Sales Price increased 2.3 percent to $603,500. Days on Market was down 31.3 percent to 82 days. Sellers were encouraged as Months Supply of Inventory was down 63.2 percent to 3.0 months.
The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition. Meanwhile, home builders are trying to meet the increased market demand, with housing starts up 3.6% in May from April, according to the Commerce Department. As we ease into new routines and
look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.
|+ 68.3%||+2.3%||- 35.8%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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