Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of
REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have
continued to improve heading into spring , increasing for the third consecutive month, according to NAR.
New Listings in Staten Island decreased 26.7 percent to 496. Pending Sales were down 15.5 percent to 402. Inventory levels fell 17.2 percent to 1,204 units. Prices continued to gain traction. The Median Sales Price increased 2.2 percent
to $648,800. Days on Market was up 39.5 percent to 103 days. Buyers felt empowered as Months Supply of Inventory was up 13.3 percent to 3.7 months. Monthly sales might have been even higher if not for limited inventory
nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage
interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year,
according to NAR, breaking a 131-month streak of annual price increases.
|- 42.9%||+2.2%||- 17.2%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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