In Q1, 2023, sales volume was down 41 percent compared to Q1, 2022. Since the second half of 2022, sale volume dropped significantly because of increases in mortgage rates.
Rental expense is about 30 percent of the inflation index. With inflation that peaked at 9 percent last year, rents commensurately increased. Further, there is added demand from buyers who became renters as a result of high mortgage rates.
We were in a buyer’s market, but since Spring, activity has increased again. Those waiting on the sidelines have come back into the market and the market is now in neutral territory.
Read the full article here: New York Apartment Prices
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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