April 4th 2023
Forbes
New York City’s real estate market reacted strongly to the economic uncertainty of 2023’s first quarter. Many buyers throughout our market put their plans on hold in the wake of the 50 basis point increase in the Fed rate during the month of December (which followed several 75 basis point increases). Mortgage rates continued to rise, the stock market fell, and transaction volume, which had been slipping throughout the second half of 2022, remained weak in January. Surprisingly, it then began to strengthen in February, and improved even more in March. That said, the deals which got made correlated strongly to price reductions or highly realistic listing prices. There has been no room for optimistic pricing in 2023.