The Manhattan property market has been slow since July 2022 because of heightened interest rates.
But are we seeing a pickup?
Inflation has been coming down for 6 months straight.
Along with that, mortgage rates are down as well. The 30yr fixed mortgage is now at 6%, a 5-month low. The Oct’22 rate was 7%.
Meanwhile, the economy seems to be doing quite well. The unemployment rate at 3.4% is the lowest since 1969. And the stock market has gained 9% YTD.
Last week, we bid on a condo which had an accepted offer after only 2 weeks on the market. In the overall US market, new home sales in Dec’22 saw a 3% increase compared to the prior month.
These may be signs of a pickup in the property market.
Visit our website to learn more: February 2023 Manhattan Property Market Update
