Year-to-date, the borough’s median sales price increased 2.9 percent to $699,998; pending sales climbed 2.9 percent, and new listings declined 1.5 percent. However, the Island’s 12-month-average housing inventory as of July grew 1.4 percent when compared to the same period last year.
Based on the latest data, Island homes sold in a median of 80 days, a year-to-date increase of 6 percent, while the 12-month-average months’ supply of inventory was unchanged from the prior year.
“Staten Island continues its appeal as a place to live, work and raise a family,” said Sandy Krueger, CEO of the Staten Island Board of Realtors®. “However, affordability remains a serious concern — particularly for first-time buyers, who face elevated home prices, limited entry-level inventory, higher borrowing costs and the challenge of saving for a down payment and closing expenses. Local REALTORS® can help consumers understand their options and navigate the path to purchasing a home.”
NATIONAL TREND
The Staten Island market contrasted with national sales activity, which slowed in July. Existing-home sales across the U.S. declined 2.4 percent from the previous month to a seasonally adjusted annual rate of 4.09 million units, according to the National Association of REALTORS® (NAR). Sales increased in the Northeast but declined in the Midwest, South and West. Compared with a year earlier, however, existing-home sales were up 2.8 percent nationwide.
Despite slower sales, home prices continued to climb nationally. NAR reported the median existing-home price reached a record $440,600 in July, up 1.8 percent from one year earlier; home prices have increased on an annual basis for 36 consecutive months.
Nationwide, 1.56 million homes were on the market heading into July, down 0.6 percent from the previous month but up 1.3 percent from a year ago, representing a 4.6-month supply at the current sales pace. Homes spent a median of 28 days on the market, and first-time buyers accounted for 33 percent of all purchases.