Staten Island Real Estate Market Trends For July 2021
The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages.
For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
Some highlights from the report:
- New Listings in Staten Island decreased 38.1 percent to 585.
- Pending Sales were down 5.5 percent to 494.
- Inventory levels fell 42.9 percent to 1,486 units.
- The Median Sales Price increased 15.6 percent to $629,000.
- Days on Market was down 34.6 percent to 75 days.
- Sellers were encouraged as Months Supply of Inventory was down 65.8 percent to 3.0 months.
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country.
Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
Click here for full report about the entire Staten Island housing market.