In keeping with seasonal activity, September contract signings were down -6.9% from the previous month. Supply however is also down -18.8% from last month causing prices to hold.
Consumer interest has ticked up after the recent Fed rate cut and because mortgage interest rates had already priced in the cut and started to come down in the middle of summer.
We do anticipate mortgage rates to come down further in 2025. For buyers, now may be the time to strategically take advantage of the already lower rates, before the market becomes overwhelmed with those waiting for future cuts.
BROOKLYN MONTHLY MARKET PULSE
