Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.
New Listings in Staten Island decreased 28.4 percent to 461. Pending Sales were down 10.4 percent to 369. Inventory levels fell 27.8 percent to 1,221 units.
Prices continued to gain traction. The Median Sales Price increased 2.0 percent to $650,000. Days on Market was up 56.4 percent to 92 days. Sellers were encouraged as Months Supply of Inventory was down 1.5 percent to 3.9
While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates
several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.
|- 15.6%||+2.0%||- 27.8%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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