As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which
remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.
New Listings in Staten Island increased 79.3 percent to 615. Pending Sales were up 357.5 percent to 517. Inventory levels fell 28.3 percent to 1,466 units.
Prices continued to gain traction. The Median Sales Price increased 11.7 percent to $610,000. Days on Market was down 6.6 percent to 108 days. Sellers were encouraged as Months Supply of Inventory was down 55.4 percent to 3.1 months.
With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
|+ 115.9%||+11.17%||- 28.3%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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