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
About:
Wei Min Tan is a Manhattan, New York property broker focusing on global investors of Manhattan condominiums. Wei Min has been interviewed by CNBC, CNN, Wall Street Journal and New York Times on the Manhattan property market. Wei Min can be reached at tan@castle-avenue.com
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