Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
New Listings in Staten Island decreased 25.6 percent to 520. Pending Sales were down 23.6 percent to 423. Inventory levels fell 42.9 percent to 1,432 units. Prices continued to gain traction. The Median Sales Price increased 8.9 percent to $610,000. Days on Market was down 28.7 percent to 75 days. Sellers were encouraged as Months Supply of Inventory was down 59.3 percent to 3.1 months.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to
school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-overyear gains, would be music to the ears of homebuyers throughout the country.
|+ 20.5%||+8.9%||- 42.9%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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