StreetEasy Market Report: September 2023
What Would 8% Mortgage Rates Mean for the NYC Sales Market?
Read the full report from StreetEasy Economist Kenny Lee .
Key takeaways:
The average 30-year mortgage rate rose to 7.53% in the last week of September, and though inflation has been cooling, the resilience of the United States labor market suggests mortgage rates could rise above 8% by November.
Here's what that could mean for New York City home buyers and sellers, and how rising rates are impacting the NYC sales market.
Sales activity slowed in September
With many homeowners locked into much lower rates than they'd receive today, sales activity in NYC dipped in September — which has implications for the fall market. Read more.
High-budget buyers are doubling down on NYC
Less deterred by elevated mortgage rates, high-budget buyers are doubling down on NYC. And they're doing so in Manhattan neighborhoods with a common theme. Read more.
Manhattan sellers are holding firm
Despite challenging conditions for sellers citywide, Manhattan sellers have managed to keep the upper hand. How?
New developments are supporting sales activity in Queens
New developments in Queens are contributing to the borough’s steady inventory levels and sales activity — and the trend is concentrated in a few key neighborhoods.
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Brooklyn remained the most competitive borough for buyers
A shortage of new listings in Brooklyn contributed to tough competition among buyers, in certain neighborhoods more than others.
What does this mean for buyers and sellers?
While far from guaranteed, a rise in mortgage rates to 8% would shrink the pool of buyers who can afford to stay in the NYC market — and pressure sellers to reduce asking prices.
Further reading:
The information provided was extracted from StreetEasy listings and its expansive internal database. The contents of this article are intended for informational purposes only and not intended as a complete recitation of the market.
StreetEasy is an assumed name of Zillow, Inc. and registered trademark of MFTB Holdco, Inc. a Zillow affiliate, which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property.