U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to
the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many
prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current
homeowners from selling, causing inventory to remain at historically low levels nationwide.
New Listings in Staten Island increased 1.7 percent to 430. Pending Sales were
up 22.0 percent to 333. Inventory levels fell 36.1 percent to 1,180 units.
Prices were fairly stable. The Median Sales Price increased 0.8 percent to $665,000. Days on Market was up 4.4 percent to 78 days. Sellers were encouraged as Months Supply of Inventory was down 23.4 percent to 3.8 months.
Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year,
for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to
purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
|- 5.4%||+ 0.8%||- 36.1%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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