Staten Island’s Pending Home Sales Soften in Sync With Nationwide Trend

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September 12, 2022
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Staten Island’s Pending Home Sales Soften in Sync With Nationwide Trend


STATEN ISLAND, N.Y. – Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9 percent month-to-month and 20.9 percent year-over-year as of last measure, according to the National Association of REALTORS® (NAR).

Nationwide, pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow.

According to a recently released report from the Staten Island Board of Realtors® (SIBOR), August’s pending home sales on the Island were down 21.5 percent, as compared to the same month a year ago, and down 16.9 percent year to date.

When measured against August 2021, the latest SIBOR statistics show new home listings in the borough decreased last month 16.2 percent to 498; inventory levels fell 14.9 percent to 1,543 units – and prices continued to gain traction, with the median sales price increasing 2.7 percent to $662,500. The number of days on market until sale statistic was down 32.3 percent to 56 days. Buyers felt empowered as months supply of inventory was up 1.0 percent to 3.9 months.

“We have to be careful when comparing numbers in 2022 to corresponding numbers in 2021,” said Sandy Krueger, CEO of SIBOR. “Last year was untypical and today’s market is looking more like pre-pandemic markets typified by 2019. Lower inventory levels, potentially rising interest rates and overall economic uncertainty seem to be driving the current slowdown. First-time homebuyers are the most affected segment.”

Some experts, such as NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over.

Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.


Media Contact: Barton Horowitz

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