As mortgage rates hit the lowest point since May 2023 this week, supply is up 2.2% YOY which bucks the seasonal trend, but down 3.5% from last month. We expect inventory to continue to decline until September.
Contracts signed are only down 2% from last year and on par with the rolling seasonal average. However, potential further rate cuts will likely catalyze a market that is seeing sustained pricing and pending sales up 4.9% YOY.
Price Per Square Foot has risen 3.0% from the past month and has risen 9.6% YOY. While nationally prices have come down, Brooklyn is holding strong.
This fall we can expect an increase in buyer activity at the end of September and beginning of October. If you have been considering listing but waiting for a full buyers market to return you may want to take stock of your portfolio and consider your options. It’s best to be prepared as things will change quickly if the anticipated interest rate change occurs.
The CME Fed Watch tool puts 2 rate cuts before the end of the year at above 50%. While no guarantee, there is an expectation of several cuts over the next 2 quarters which will further catalyze the market.
BROOKLYN MONTHLY CONTRACT ACTIVITY
