While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
New Listings in Staten Island decreased 58.7 percent to 309. Pending Sales were down 73.2 percent to 117. Inventory levels fell 31.4 percent to 1,760 units.
Prices were fairly stable. The Median Sales Price decreased 1.0 percent to $552,500. Days on Market was up 14.2 percent to 116 days. Sellers were encouraged as Months Supply of Inventory was down 19.8 percent to 5.8 months.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.
|- 42.3%||- 1.0%||- 31.4%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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