In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.
New Listings in Staten Island decreased 9.7 percent to 418. Pending Sales were up 9.9 percent to 312. Inventory levels fell 4.3 percent to 2,165 units.
Prices were fairly stable. The Median Sales Price decreased 0.4 percent to $572,500. Days on Market was up 21.1 percent to 98 days. Sellers were encouraged as Months Supply of Inventory was down 1.6 percent to 6.2
While many economic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.
|One-Year Change in Closed Sales
|One-Year Change in Median Sales Price
|One-Year Change in Inventory
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