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The NYC Luxury Market
Manage episode 407291375 series 3559274
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An October snapshot of the New York City real estate market reveals a nearly 24 percent jump in contracts, despite mortgage rates rising to nearly 8 percent.
The burst of demand seemingly encouraged sellers to raise asking prices to the highest level in six years. Go figure!
October is typically a busier month than September—when buyers are shaking off a vacation mindset or dealing with back to school.
Notably, the increase in new contracts from September to October was close to the five-year average of 26.7 percent, despite mortgage rates rising to a 23-year high.
Filmed at Brown Harris Stevens’ Studio 1873, Part of the Mastery of Real Estate (MORE) Network. Subscribe here: https://podcasts.apple.com/us/podcast/talking-new-york-real-estate-with-vince-rocco/id1645541166 Connect with Vince Rocco here: https://www.bhsusa.com/real-estate-agent/vince-rocco Brown Harris Stevens is one of the largest privately owned real estate brokerages in the country, with more than 40 offices across four states: New York, New Jersey, Connecticut, and Florida. https://bhsusa.com/ #Realestate #nyc #vincerocco #newyorkcity91 episodes
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