In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are
expected in 2020.
New Listings in Staten Island increased 0.3 percent to 609. Pending Sales were up 5.8 percent to 403. Inventory levels fell 3.2 percent to 2,260 units.
Prices were fairly stable. The Median Sales Price increased 0.6 percent to $553,500. Days on Market was up 32.2 percent to 102 days. Buyers felt empowered as Months Supply of Inventory was up 1.3 percent to 6.5 months.
As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low
level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.
|- 5.1%||+ 0.6%||- 3.2%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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