Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to
influence home sales.
New Listings in Staten Island decreased 35.3 percent to 420. Pending Saleswere down 4.9 percent to 350. Inventory levels fell 35.1 percent to 1,178 units. Prices were a tad soft. The Median Sales Price decreased 4.2 percent to $660,000. Days on Market was up 60.5 percent to 86 days. Sellers were encouraged as Months Supply of Inventory was down 13.4 percent to 3.8 months.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales
price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR.
As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
|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.