STATEN ISLAND, N.Y. (NOVEMBER 2019) — In October, mortgage rates nationwide increased slightly from the three-year lows seen in September.
While the Federal Reserve reduced the federal-funds target rate by .25 percent, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1 percent lower than this time last year.
Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
STATEN ISLAND STATS
According to the latest figures from the Staten Island Board of Realtors® (SIBOR), “New Listings” on the Island increased 0.3 percent to 609. Pending Sales were up 5.8 percent to 403. Inventory levels fell 3.2 percent to 2,260 units.
Prices were fairly stable. The Median Sales Price increased 0.6 percent to $553,500. Days on Market was up 32.2 percent to 102 days. Buyers felt empowered as Months Supply of Inventory was up 1.3 percent to 6.5 months.
As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home.
Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.
The information contained, and the opinions expressed in articles, videos, or infographics posted or shared by the Staten Island Board of Realtors® (SIBOR) are not intended to be construed as investment advice. SIBOR does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. SIBOR will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.