Home prices continue to gain traction amid tight inventory

STATEN ISLAND, N.Y. (Feb. 10,2023) – Newly released data show an uptick in pending home sales both on Staten Island and across the nation.

U.S. existing-home sales slipped 1 percent month-over-month and were down 6.2 percent year-over-year as of last measure, while pending sales jumped 8.3 percent from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13 percent increase in existing-home sales this year compared to 2023.

Locally, the latest report from the Staten Island Board of Realtors® (SIBOR) shows closed existing-home sales increased 2 percent, a total of 247 units, in January, as compared to the same month last year.

When measured against January 2023, new listings of Staten Island homes decreased 5.3 percent to 397; pending sales on the Island were up 34.5 percent to 277, and inventory levels fell 30.9 percent to 1,036 units.

Home prices in the borough continued to gain traction last month: The median sales price of Island homes increased 8.3 percent to $687,500. The “days on market” statistic was down 1.6 percent in January to 80 days, and sellers were encouraged as “months supply of inventory” was down 26.1 percent to 3.3 months.

“While declining mortgage rates may signal a brighter outlook for housing affordability, the persistent challenges of high home prices, stagnant income growth, and insufficient housing supply continue to hinder homeownership accessibility for many,” said Sandy Krueger, CEO of SIBOR. “Careful attention to opportunities and sources of funding is the key to addressing this market.”

NATIONAL TREND

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4 percent year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5 percent decline from the previous month, for a 3.2 months’ supply at the current sales pace.

Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

About the Staten Island Board of Realtors® (SIBOR)
and Staten Island Multiple Listing Service (SIMLS)

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 or rent. Together, its members participate in over 5,000 real estate transactions every year.
SIMLS is the premier source for real estate listings and market information on Staten Island, providing real
estate professionals and the community with a comprehensive platform for property listings, market data, and
professional development opportunities.

All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National
Association of REALTORS® (NAR).

SIBOR and the SIMLS may be reached at 718-928-3220 and viewed online at MLSsiny.com. SIBOR may also be visited on Facebook at Staten Island Board of Realtors, Twitter via @SIBOR, LinkedIn (Staten Island Board of Realtors) and Instagram at SIBOR REALTORS (siborrealtors).

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Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 718‑682‑1509
Mobile: 917‑715‑8761
Email: [email protected]