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REBNY: Broker Confidence Ebbs in Q4; Outlook Remains Optimistic
The Real Estate Board of New York said Wednesday that broker confidence in the real estate market decreased in 2021’s fourth quarter due to impacts of the Omicron variant, but many brokers remained optimistic about the six-month outlook. Nearly 50% of commercial brokers surveyed said Omicron was their top concern in Q4.
Conversely, REBNY’s Expectations Index (EXI), which tracks sentiment about the market’s six-month outlook, remained relatively strong and barely budged in either direction. The EXI for residential brokers ticked down slightly from 45.88 in Q3 to 42.85 in Q4. For commercial brokers, the EXI ticked up slightly from 37.26 to 38.88.
“As we turn the page on this temporary setback, the optimism of the brokerage community is a reminder that New York City can continue building economic momentum through sensible policymaking and better delivery of government services,” said REBNY president James Whelan.
- ◦Economy
