{August 2022} Will September Be Busy?
We spent the last two weeks of August upstate. It was wonderful to slow down and just be with family. We were also building a treehouse. It was fun for me and the kids to see another little house being built from foundation to frame and walls!
August is traditionally one of the slowest months for the NYC real estate market. But this August felt a bit busier than July and even June, when the market almost froze over the double whammy of rising rates and recession fears. As the last inflation reading showed the slightest sign of coming down and the stock markets soared to its celebration, our market immediately felt busier. At this point, prices are probably 5% below April levels and 2015 peak leaves, but many sellers are not willing to sell into this correction. As a result, transaction volume is down quite a lot from last year, probably by around 40%. However, this slower pace is actually on par with that of a regular year. The fall selling season is upon us. I am really looking forward to seeing what the market has in store for us!
Good Read:
The hotly debated congestion tax is approaching reality. What do you think of it?