Photo: Barton Horowitz/Relevant Public Relations LLC
STATEN ISLAND, N.Y. (June 9, 2022) – After two years of record-setting activity, there are signs the nation’s housing market might be cooling. The Staten Island market seems to be moving in the same direction.
Nationwide, high home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales in May declining for the third consecutive month under the weight of rising homeownership costs.
The National Association of REALTORS® (NAR) reports May’s existing home sales were down 2.4 percent from the previous month, while pending sales fell 3.9 percent as of last measure, extending the trend of recent months.
The corresponding Staten Island numbers show sales down 2.1 percent and pending sales down 2.8 percent.
According to a newly released report from the Staten Island Board of Realtors® (SIBOR), new listings on Staten Island in May were 12.8 percent higher than the previous 12 month average; pending sales were down 2.3 percent to 424 from the twelve month average, and inventory levels are down 11.6 percent against the twelve month average to 1,329 units.
Staten Island home prices continued to gain traction in May, as compared to the same month in 2021. The median sales price increased 4.9 percent to $640,000 and is up 9.9 percent on an annual basis. The number of days on market until sale statistic was down 45.9 percent to 58 days. The fear of rising mortgage rates seems to be encouraging the market to move quickly, which is impacting the inventory as months supply of inventory is down 46.7 percent to 3.1 months compared to a year ago.
“The market is clearly in transition, and both potential buyers and homeowners considering a change have much to evaluate in this environment,” said Sandy Krueger, CEO of SIBOR.
As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next five years.
About the Staten Island Board of Realtors® (SIBOR)
Established in 1915, the Staten Island Board of Realtors® (SIBOR) is the largest professional association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of approximately 2,500 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 275 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 5,000 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and viewed online at SIBORREALTORS.com. SIBOR may also be visited on Facebook at Staten Island Board of Realtors, Twitter via @SIBOR and Instagram at SIBOR REALTORS (siborrealtors).
Media Contact: Barton Horowitz
Relevant Public Relations, LLC