As was widely expected, the Federal Reserve did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent – during their June meeting. Although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments.
New Listings in Staten Island decreased 13.3 percent to 640. Pending Sales were down 17.8 percent to 375. Inventory levels rose 0.3 percent to 2,303 units.
Prices were even with last year. The Median Sales Price held steady at $550,000. Days on Market was up 33.2 percent to 97 days. Buyers felt empowered as Months Supply of Inventory was up 8.7 percent to 6.6 months.
In terms of relative balance between buyer and seller interests, residential real estate markets across the country are performing well within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The Federal Reserve considers 2.0 percent a healthy inflation rate, but the U.S. is expected to remain below that this year. The Fed has received pressure from the White House to cut rates in order to spur further economic activity, and the possibility of a rate reduction in 2019 is
definitely in play following a string of increases over the last several years.
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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