Mortgage rates are pushing up towards 5% and the NASDAQ is down 28% from its highs 6 months ago. New signed sales contracts are down 33% in Brooklyn and 21% in Manhattan year over year. This marks 4 straight weeks signed contracts are down in Brooklyn. 1 bedroom apartments near downtown Brooklyn are hearing crickets chirping but townhouses in Park Slope are seeing 14 offers over ask. Whats going on with the market? The market is softening underneath our feet:
The rental market is seeing crazy price increases of 30-40% in some segments but will it last?
