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Hope you had a great summer! Here is a quickie recap real estate wise:
July sales of Manhattan homes and apartments for $2 million or more shrank to the lowest level for any month in more than 6 years. It was the slowest pace for such sales in the month of July since 2009.
Manhattan sales fell from a record $4.9 billion to just under $1.54 billion, the lowest July total since 2009 and the lowest month overall since 2013.
June had been exceptionally busy as many sales closed to avoid rising mansion and transfer taxes that kicked in July 1.
Now it is September…
“Houston, we have lift off!”
NYC, we have activity!
Buyers are making decisions and offers!
Sellers are accepting offers
Wonderful news!
The market has picked up...however, I didn't say prices are up.
It means there is some good healthy movement out there.
The Fed lowering the interest rate does not hurt either.
Typically lower interest rates spur real estate sales.
Fed Cuts Interest Rates
On Wednesday (9/18) the Federal Reserve lowered interest rates. This is the second cut made since July and Federal officials expect one more cut this year based on economic projections.
It has been reported that the reason for lowering interest rates is to safeguard the US economy against trade-related uncertainty and slowing global growth.
Click HERE to read the full article on the NYT.
Some data above from the Wall Street Journal
I have been so busy this month, I am a little late in publishing my newsletter! Apologies.
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