The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory
constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
New Listings in Staten Island decreased 19.6 percent to 512. Pending Sales were down 17.5 percent to 458. Inventory levels fell 42.3 percent to 1,383 units. Prices continued to gain traction. The Median Sales Price increased 11.3 percent to $640,000. Days on Market was down 28.1 percent to 71 days. Sellers were encouraged as Months Supply of Inventory was down 56.3 percent to 3.0 months.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest
rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
|- 7.0%||+11.3%||- 42.3%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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