FOR IMMEDIATE RELEASE: SATURDAY, DEC. 10, 2022
High Mortgage Rates Pose Significant Challenge For Homebuyers On and Off Staten Island
STATEN ISLAND, N.Y. – Housing affordability on Staten Island and across the United States continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year.
When measured against November 2021, new Staten Island home listings decreased last month 22.8 percent to 336, according to the latest data from Staten Island Board of Realtors® (SIBOR). The newly released SIBOR housing statistics show pending sales in the borough were down 37.2 percent to 263 for the same period, and inventory levels fell 10.2 percent to 1,416 units.
Prices of Island homes continued to gain traction last month. The median sales price increased 7.2 percent to $670,000. The “days on market” statistic was down 5.8 percent to 63 days in the borough. Buyers felt empowered as the months supply of inventory was up 12.6 percent to 3.9 months.
“Buyers are delaying home purchases in hopes that mortgage rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand,” said Sandy Krueger, CEO of SIBOR. “Despite the desire of some homeowners to move to a house that better fits their current needs, many are unwilling to trade in their present lower rates for significantly higher borrowing costs on their next property. As a result, both existing and pending home sales have continued to slow as we move into winter.”
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®.
Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77 percent more on their loan per month compared to the same period a year ago, according to Realtor.com.
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).
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Media Contact: Barton Horowitz
Relevant Public Relations, LLC
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Mobile: 917‑715‑8761
Email: BHorowitz@RelevantPR.com
