Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month,
exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the
market to cool rapidly this year.
New Listings in Staten Island decreased 22.9 percent to 415. Pending Sales were down 37.5 percent to 283. Inventory levels fell 10.5 percent to 1,525 units.
Prices continued to gain traction. The Median Sales Price increased 5.5 percent to $675,000. Days on Market was up 5.6 percent to 75 days. Buyers felt empowered as Months Supply of Inventory was up 8.4 percent to 4.1 months.
The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since
March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many
homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to
attract a greater number of buyers.
|- 30.1%||+5.5%||- 10.5%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
|Click here for full report about the entire Staten Island housing market.|