The Manhattan Market Pulse remains in the neutral zone with a slight bias towards sellers as we remain in an inventory constrained environment.
Based on the recently dovish tone of the Fed, and Fed futures pricing in a 50-100 basis point cut before year end, we expect this to catalyze buyers in the coming months and potentially cause a release of new inventory into Q1 '25.
Uncharacteristically for August, contracts signed were up 6.6% YOY probably due to the changing mortgage rate environment.
Contracts signed over $10M were also up 27.1% YOY and 8.5% from last month!
30 YEAR FIXED MORTGAGE RATES LAST FIVE YEARS
