New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
REBNY Broker Survey Shows Continued Decline in Current Outlook, Improving View of Future
The Real Estate Board of New York (REBNY) said its Real Estate Broker Confidence Index report for the third quarter shows that confidence in current market conditions continued to decline. However, the six-month outlook for both commercial and residential brokers improved.
Iin line with findings over the past three quarters, macroeconomic factors like rising interest rates, inflation and volatile equity markets pushed sentiments regarding current conditions lower in Q3.
“Following a trend from the first half of the year, our members have expressed lower confidence in current market conditions and delays in client transaction decisions due to economic uncertainty,” said REBNY director of market data Keith DeCoster. “Many of the brokers were slightly more optimistic about the six-month outlook. These respondents view interest rate hikes as necessary medicine that will cause short-term disruption but will set the stage for a return to the long-term growth the city has previously enjoyed.”
- ◦Economy
