CategoryMarket Trends/Reports

Although the FirstTime Buyer Market share Was 32%, it was the Third Lowest in Decades Market Share Of FirstTime Buyers Should Expand With Lower Mortgage Rates. Duh. Cash Has Been A Noticeable WorkAround For Homebuyers, Just Not For FirstTimers It's been a tough few years for wouldbe homebuyers to move from the rental market. As mortgage rates surged and monthly payments jumped, it recently got a...

• More And/Or Larger Rate Cuts This Fall Should Soften Rents And Stimulate Sales
• Unexplainable Yen Carry Trade Had Significant Influence On Future Rate Direction
• Manhattan Rents Seemed To Have Peaked As New Leasing Activity Surged

• Manhattan & Brooklyn New Signed Contracts Surge YOY in July
• Despite The New York Jump In Contracts, They Still Lag Pre-Pandemic
• After A Lacklust Spring Market, The Surge In July Contracts Was Unexpected

• A Little More Than 1 In 8 U.S. Sales Contracts Blew Up In June, A Redfin Record
• Elevated Mortgage Rates And Nervous Buyers Drove Blown Deal Jump
• Pending Sales Don’t Fully Reflect Current Market Unless Able To Close

• Cluster Of Nine Brownstone Listings Totalling More Than $100,000,000
• The Herd Mentality Of Buyers & Sellers Applies To The High End Market
• Sellers anchored to wrong price take 1-2 years to capitulate to market conditions

• Manhattan median rents were highest June on record despite the sharp drop in sqft
• Much smaller average size and stable median rent – tenants paid same but got less
• June home sales pulled back as many gave up on Fed cuts, pressuring rental prices

Average size of a Manhattan apartment fell YOY 5.1%, driving down median 1.5% Square footage is trending lower which is what is lowering prices The premature use of "buyer's market" suggests more supply improved affordability Our research on the second quarter Manhattan sales market was published yesterday and an ensuing classic New York Post headline caught my attention. No, not the salacious...

• Consumers who can afford to move, becoming tired of “waiting for the right time”
• Buyers less resistant to move: More sales and rising purchases by mortgage
• Seller less resistant to move: More listing inventory with more accurate pricing

– Case-Shiller set new records but reflects buyer/seller attitudes of last Christmas
– Fed pivoted from NAR (Trade Group) to Case-Shiller (Academia) After The Bubble
– Data collection, access, and analysis abilities supercharged over past two decades