The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.
New Listings in Staten Island decreased 14.5 percent to 466. Pending Sales were down 24.2 percent to 314. Inventory levels fell 12.1 percent to 1,553 units. Prices continued to gain traction. The Median Sales Price increased 11.5 percent to $680,000. Days on Market was down 25.3 percent to 55 days. Buyers felt empowered as Months Supply of Inventory was up 4.2 percent to 4.0 months.
Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.
|One-Year Change in Closed Sales
|One-Year Change in Median Sales Price
|One-Year Change in Inventory
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