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Broker Confidence Slips in Q2, Says REBNY

The Real Estate Board of New York’s Real Estate Broker Confidence Index for the second quarter of 2018 was 5.53 out of 10, down 0.25 from Q1. The overall decline was driven by a 0.91 decrease in the Residential Broker Confidence Index to a record low of 4.63; conversely, the index for commercial brokers rose from Q1 levels.

Rising interest rates, tariffs and concerns about tax reform’s implications, along with uncertainty around the political environment, all affected brokers’ confidence. Even as the commercial index reflected a more positive outlook, brokers were more concerned about interest rates and political instability compared to Q1.

“As federal policies have taken effect, local real estate markets have been seeing their impact on buyer hesitancy and seller uncertainty,” said REBNY president John H. Banks. “Despite these conditions, New York City real estate brokers remain positive overall about the present situation and future real estate market.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).