Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
New Listings in Staten Island decreased 22.8 percent to 336. Pending Sales were down 37.2 percent to 263. Inventory levels fell 10.2 percent to 1,416 units. Prices continued to gain traction. The Median Sales Price increased 7.2 percent
to $670,000. Days on Market was down 5.8 percent to 63 days. Buyers felt empowered as Months Supply of Inventory was up 12.6 percent to 3.9 months. With home sales down, nationwide housing inventory was at 3.3 months’ supply
heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
|- 39.5%||+7.2%||- 10.2%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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