Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.
New Listings in Staten Island decreased 5.0 percent to 626. Pending Sales remained flat at 491. Inventory levels fell 37.4 percent to 1,104 units. Prices continued to gain traction. The Median Sales Price increased 10.8 percent to $635,000. Days on Market was down 30.2 percent to 73 days. Sellers were encouraged as Months Supply of Inventory was down 44.7 percent to 2.4 months.
Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years.
Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.
|- 9.3%||+10.8%||- 37.4%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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