STATEN ISLAND, N.Y. ( April 6, 2022) – Prices on Staten Island homes continued to gain traction in March, with the median sales price increasing 10.8 percent to $635,000, as compared to the same month in 2021, according to a newly released report from the Staten Island Board of Realtors® (SIBOR).

The latest SIBOR statistics show, as compared to March 2021, the borough’s new home listings decreased 5 percent to 626 last month, pending sales remained flat at 491, and inventory levels fell 37.4 percent to 1,104 units.

Nationally, home sales recently dropped to a 6-month low, falling 7.2 percent as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales also are down, declining 4.1 percent as of last measure, according to the National Association of REALTORS®.

Builders are working hard to ramp up production: The U.S. Census Bureau reports housing starts are up 22.3 percent compared to a year ago. However, higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which hit 4.6 percent in March, according to Freddie Mac, rising 1.4 percent since January and establishing the highest rate in more than three 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 2,400 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 250 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).

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