JanuaryÂ brought out a rejuvenated crop of buyers with renewed enthusiasm inÂ the new year. Sales totals may still inevitably start to slow in the first half of the year due to ongoing inventory concerns.
Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase.
New Listings in Staten Island decreased 13.0 percent to 376 units. Pending Sales were up 7.6 percent to 283 units. Inventory levels fell 36.5 percent to 1,072 units while prices continued to gain traction.
The Median Sales Price increased 13 percent to $490,000. Days on Market was down 23.1 percent to 88 days. Sellers were encouraged as Months Supply of Inventory was down 42.9 percent to 2.9 months.
In case you missed it, we have a new U.S. president. In his first hour in office, theÂ one-quarter percentage point rate cut on mortgage insurance premiums for loans backed by the Federal Housing Administration (FHA) was removed, setting the table for what should be an interesting presidential term for real estate policy.
FHA loans tend to be a favorable option for those with limited financial resources – low down payments. On a brighter note, wages are on the uptick for many Americans,while unemployment rates have remained stable and relatively unchanged for several months.
The system is ripe for more home purchasing if there are more homes available to sell.