The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
New Listings in Staten Island decreased 8.4 percent to 425. Pending Sales were down 0.7 percent to 429. Inventory levels fell 44.5 percent to 1,247 units. Prices continued to gain traction. The Median Sales Price increased 8.7 percent to $630,000. Days on Market was down 32.1 percent to 67 days. Sellers were encouraged as Months Supply of Inventory was down 56.6 percent to 2.7 months.
The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing doubledigit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
|- 5.2%||+8.7%||- 44.5%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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